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C10: MACROECONOMICS PROB - Coggle Diagram
C10: MACROECONOMICS PROB
UNEMPLOYMENT
DEF
LF participations
available & willing to work
but unable to find a job
Formula UE rate: (num of UE / LF) X 100
EFFECTS
on individual & society
social problem
low standard of living
family dispute
loss the income
loss of job skills
loss of confidence
economy & government
drop government revenue
ruins the econs growth
crimal rate increasing
wastage of FoP (capital, land, labor, entreprenuer)
threats to political stability
fall in GDP (national income)
TYPES
cyclical UE
occurs when downswing of production (recession)
Eg: SME's loss their job during Covid 19
structural UE
occurs when there is changes in the economy policies
Eg: Farmers loss their joc affected by technological changes
frictional UE
occurs entering & re-entering the LF
eg: fresh graduate seek for permanent job
seasonal UE
occurs when seasonal variation in the xtvt in industries
Eg: Fisherman cant catch fish in winter season
INFLATION
DEF: continous increasing in general price
FORMULA: (current price-previous price) / previous price X 100