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economics and business - Coggle Diagram

- - - - increased competitors overseas
      - businesses take their operations offshore
      - when production or GDP is weak and spending in the economy has decreased
      - labour - saving technology
    - - a person is considered employed if they are employed for at least one hour per week and are aged 15 years and over
    - - economic
        
        loss of output: the production of goods and services reduce
        
        loss of income: no jobs mean no money and higher reliance on government assistance
      - political
        
        high levels of unemployment reflect poorly or that state and federal government
        
        leads to a loss of faith in the current government
      - social
        
        lower standard of living
        
        increase in crime and drug abuse
        
        loss of self esteem and confidence
    - - frictional unemployment
        
        refers to the time spent waiting for a new job
      - cyclical unemployment
        
        during when economic growth, consumers are not buying as many goods and services
      - structural unemployment
        
        results in the loss of jobs resulting from mismatch of skills or machines replacing labour
      - seasonal unemployment
        
        this is related to occupations that are offered at particular times of the year
      - hard-core unemployment
        
        includes those regarded as being virtually unemployed