2.1.1.c Low unemployment

Low unemployment:

• definition of unemployment
• measurement of unemployment using International Labour Organization (ILO) measure
• types of unemployment:
  • cyclical
  • structural
  • seasonal
  • voluntary
  • frictional.
• impact of unemployment on:
  • output
  • use of scarce resources
  • poverty
  • government spending on benefits
  • tax revenue
  • consumer confidence
  • business confidence
  • society.