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3.3.3 Causes of unemployment, costs and solutions - Coggle Diagram
3.3.3 Causes of unemployment, costs and solutions
Causes of unemployment
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Real-wage unemployment - a gap between the number of jobs available and the number of people willing and able to work at the prevailing wage rate.
Natural rate of unemployment - The percentage of people who are unemployed for structural, seasonal and frictional reasons.
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Structural - A mismatch between the supply and demand for labour caused by labour market rigidity and changes to industries.
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