Unemployment Flashcards
Unemployment
the byproduct of market failure
Unemployed People
citizens who have the willingness to work, but are unavailable to do it
different unemployed people
Without work, currently available for work, seeking work, registered individual in search for work
reasons for unemployment
people are unemployed either age requirements educational background, gender, social norms and former employment activity
Structural unemployment
when the economy is confronted with ineffciencies of supply and demand
business cycle
unemployment is a product of buisness cumulative inability to provide activities to people who are willing and able to work
Factors of Underemployment -
includes educational background,
the absence of required training,
the non-adaptation of technology,
and the inability of an individual to
perform a certain task due to
social and cultural limitations
displacement
of workers
Use of technology
Frictional
when a short-run
unemployment phase is necessary
to find out an adequate job
Voluntary
an individual chooses
not to work even if an opportunity
is present and he or she is able to
dispense the responsibilities, then
it becomes a voluntary
unemployment
Seasonal
any position that takes
place during a specific time of year. / Many seasonal positions take
place during holidays, as
themed attractions and events
open and need staff.
Individual Level of Unemployment
a person can experience emotional trauma given the years if academic training / Inability of an individual to work-
inability to practice one’s profession or
related to work
Economic Level of Unemployment
Unemployment can lead to lower
quality of life
○ Limited financial resources to be
spent on basic needs
● Leads to absence of government
revenue
● Affects the imposition of tax to income
generating citizens
● Affects economic growth
Society Level of unemployment
Unemployment is associated with
various social ills such as crime,
suicide, social stigma, mental health
and social unrest
