IB Economics SL 3.3.3 Low Unemployment Questions

Answers may include:
- Terminology: unemployment
- Explanation: of cyclical (demand deficient) unemployment in terms of insufficient AD to generate a full employment level of output, causing a deflationary gap;
structural unemployment being caused by long term changes in the pattern of demand and/or supply in relation to particular industries
- Diagram: a demand and supply of labour diagram showing decreasing demand for a particular type of labour (structural) and an AD/AS diagram showing a leftward shift of AD with a deflationary gap (cyclical).

A maximum of [6] should be awarded if only one type of unemployment is addressed.

Assessment Criteria

Marks

Level descriptor

0

- The work does not reach a standard described by the descriptors below.

1-2

- The response indicates little understanding of the specific demands of the question.

- Economic theory is stated but it is not relevant.

- Economic terms are stated but they are not relevant.

3-4

- The response indicates some understanding of the specific demands of the question.

- Relevant economic theory is described.

- Some relevant economic terms are included.

5-6

- The response indicates understanding of the specific demands of the question, but these demands are only partially addressed.

- Relevant economic theory is partly explained.

- Some relevant economic terms are used appropriately.

- Where appropriate, relevant diagram(s) are included.

7-8

- The specific demands of the question are understood and addressed.

- Relevant economic theory is explained.

- Relevant economic terms are used mostly appropriately.

- Where appropriate, relevant diagram(s) are included and explained.

9-10

- The specific demands of the question are understood and addressed.

- Relevant economic theory is fully explained.

- Relevant economic terms are used appropriately throughout the response.

- Where appropriate, relevant diagram(s) are included and fully explained.