E1 Flashcards
Occupationally immobile
People don’t have skills and qualifications for other jobs
Geographically immobile
When people can’t move to where the jobs are
Full employment
Everyone who is willing and able to work has a job
Price stability
Keeping inflation low
Economic growth
Growth in output of economy over time which is measured by gdp
Gdp
Total value of goods and services produced in a country in a year
GDP per capita
Average output each person in the country
Voluntary unemployment
Unemployed due to not being able to find the job of choice or wants to live on benefits and not due to unavailability of jobs
Seasonal unemployment
Occurs when people are unemployed at certain times of the year and work in industries which are not needed all year round
Frictional unemployment
Unemployment which exists in an economy due to people being in the process of moving from one job to another
Structural unemployment
Happens when long term change in the structure of industry so the whole industry declines and people have wrong skills for other jobs
Technological unemployment
Unemployment caused by technology as people are being replaced by machines
Cyclical unemployment
Recession👉🏾to fall in aggregate demand👉🏾slowdown in growth👉🏾rising unemployment 👉🏾low income👉🏾spend less👉🏾more workers are laid off
