Economics 16

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  • Created by: Gabrielle
  • Created on: 30-12-13 13:57
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  • Unemployment
    • Frictional Unemployment
      • Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
    • Structural unemployment
      • The number of jobs available in some labour markets is insufficient to provide a job for everyone who wants one
    • Governments try to reduce the transition time people are between jobs
      • Government-run employment agencies
      • Public training programs
    • Minimum wage above the equilibrium wage results in unemployment
    • Collective bargaining is the process by which unions and firms agree on the terms of employment
    • Efficiency wage raise the wage above the market equilibrium wage, resulting in unemployment

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