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economics - Coggle Diagram
economics
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economic performance
unemployment
stuctural
occurs due to a change in how goods and services are produced and can lead to workers skills and experience not matching the jobs that are available
frictional
looking for a new job, after having been fired for quitting. this is an unavoidable type of unemployment, and is desirable as it allows companies to find more suitable workers, and workers to find jobs they would prefer to have
seasonal
the termination of jobs due to a change in seasons, such as tourism or fruit pickers.
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a person in the labour force (15+ years old, willing and able to work) who is unable to find a job
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living standards
material
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can be measured by GDP, or peoples incomes. better material living standards allow us to buy more goods and services and to find work to gain the income needed to buy these things
non material
cannot be measured in dollars and are harder to measure, but also impact how we enjoy life
can be impacted by things like freedom of speech, free elections, low levels of crime, a clean environment, or having enough leisure time to spend with friends and family