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Macro
Unemployment
Types of unemployment
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Annika Hofer
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Cards (13)
What is seasonal unemployment?
It occurs when some jobs are not available all year round.
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Why might a ski worker experience sectional unemployment?
Because they will be out of
work
during the summer.
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What is frictional unemployment?
It occurs when a worker is
between
jobs.
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Who might experience frictional unemployment?
A university graduate who is unhappy in their
current
job and
leaves.
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How can firms encourage graduates to apply for positions?
By promoting
internships
and graduate positions.
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What is structural unemployment?
It occurs when there is a
mismatch
between the skills workers have and the skills firms
demand.
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What can cause structural unemployment?
Changes in
technology
that make a worker's skills no longer
needed.
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What is sectoral change in the context of unemployment?
It refers to job
losses
when industries relocate or
move
abroad.
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How can the government help workers affected by structural unemployment?
By
investing
in education and training for those whose skills are outdated.
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What is cyclical unemployment?
Unemployment that occurs due to
declining
aggregate demand during a
recession.
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What happens to consumption and investment during a recession?
They typically
fall
, leading to a
decrease
in aggregate demand.
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How can a central bank respond to cyclical unemployment?
By
lowering
interest rates to encourage
higher
consumption and investment.
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What fiscal policy can a government implement to combat cyclical unemployment?
By
increasing
government spending to stimulate the economy.
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