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Unemployment - Coggle Diagram
Unemployment
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Types of unemployment
Structural, caused by mismatch of skills of workers required for the job.
Frictional, caused by search time required by workers to enter/change jobs
Cyclical, lack of demand of goods and services during economic slowdown.
Seasonal, caused by routine changes in the demand for certain kinds of labour.
Costs of unemployment.
Social, rising crime rates, rising suicide rates, rising divorce rates, political, social unrest
Economic, underutilising of resources, decline in consumption, investments, Loss of income tax revenue
Personal, Loss of income, loss of skills, low self esteem, psychological stress.
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