When you are willing and able to work but do not have a job and are actively seeking employment
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Labour Force Survey
Questionnaire with questions such as "Would you accept a job offer if you were given it in the next 6 weeks?" Normally a higher figure
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Claimant Count
People who receive job seekers allowance. It may not be an accurate statistic as people may feel ashamed or not realise they can apply
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Cyclical unemployment
Reduction of AD
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Frictional unemployment
People in between jobs
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Structural unemployment
When a certain industry declines, and the skills are not needed
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Seasonal unemployment
Based in the change of seasons
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Regional unemployment
When an industry collapses or there is one sole employer in a region
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Voluntary unemployment
It is a situation when a person is unemployed not due to unavailability of jobs in the economy, but because of not being able to find employment of his/her own choice. STRUCTURAL AND FRICTIONAL unemployment.
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Involuntary unemployment
It is situation in which all able persons who are willing and able to work at the prevailing wage rate do not get work. Cyclical unemployment is therefore involuntary unemployment
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Causes of unemployment: Demand-side
A lack of demand in the economy will lead to cyclical unemployment
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Causes of unemployment: Supply-side
Will lead to frictional and structural unemployment [Natural Rate of Unemployment]
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Real wage unemployment
Occurs when wages are above the equilibrium level causing the supply of labour to be greater than demand
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Natural rate of unemployment
The rate of unemployment when the labour market is in equilibrium. It is the percentage of workers who are involuntarily unemployed
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Other cards in this set
Card 2
Front
Questionnaire with questions such as "Would you accept a job offer if you were given it in the next 6 weeks?" Normally a higher figure
Back
Labour Force Survey
Card 3
Front
People who receive job seekers allowance. It may not be an accurate statistic as people may feel ashamed or not realise they can apply
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