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C10: MACRO PROBLEMS - Coggle Diagram
C10: MACRO PROBLEMS
1.
UNEMPLOYMENT
DEF
LF Participants
being available and willing to work but unable to find jobs
Formula: UE% = (num of UE / LF) * 100 :star:
EFFECT OF UE
on individuals and society
Family dispute
Social prob
Lack of skilled
Low standard living
Loss confidence
on economy
negative effect on growth
GDP Decline
Wastage of FoP
treats to political stability
Increase criminal rate
Drop G revenue
Decline in G developement project
TYPES OF UE
2. CYCLICAL UE
occurs when econs in recession
in Recession GDP decline and econs contract
eg. Manufacturing workers lost their job due to Covid-19
3.STRUCTURAL UE
LF cant response quickly to meet changes in econs
eg. Tech. UE due to digitalisation
occurs when structural changes in econs
1.FRICTIONAL UE
ecours when working and rentering the LF
usually happend in non permanent job
wg. fresh graduate
4. SEASONAL UE
labour force is employed at times and unemploying at others line.
eg. Fisherman unable to catch fish in winter
occurs seasonal veriation in the xtvt in econs
2.INFLATION
continuous increase in the general price level and services in the economy.
Formula: (CPI - CPI previous ) / CPI previous