Unemployment

• What impact does the economic climate have on businesses?

  It affects prices, investment, and employment
• How does consumer spending influence businesses?

  It affects prices and the number of workers
• What is unemployment?

  People actively seeking work but unable to find it
• Why might someone be unemployed?

  They may be made redundant or dismissed
• What does it mean to be made redundant?

  Laid off due to no longer needing the role
• What is misconduct in the workplace?

  Unacceptable behavior by an employee
• Who are school leavers?

  People seeking work after full-time education
• What is the impact of unemployment on the economy?

  It leads to underutilization of available workers
• How does higher unemployment affect household income?

  Many households will have less income
• What happens to business sales during higher unemployment?

  Sales typically decrease as spending lowers
• Why might demand for some products increase during unemployment?

  Consumers switch to cheaper alternatives
• What are examples of goods that may benefit from higher unemployment?

  Supermarkets' own-brand products
• How do businesses benefit from increased unemployment?

  They have more candidates to choose from
• What is the national minimum wage?

  The lowest legal pay employers can offer
• How does unemployment affect recruitment for businesses?

  They can offer lower pay to attract staff