economics unemployment

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Last updated 7:04 AM on 5/19/26
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8 Terms

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Derived Demand

Demand for labour is determined (or derived) from demand for goods + services. More demand for goods + services = more workers needed

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Frictional unemployment

People who are between jobs and have the skills needed for avaliable jobs

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Structural unemployment

People who are unemployed due to a mismath between their skills and the available jobs at their location

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Cyclical unemployment

People who are unemployed due to decrease in economic output

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Components of AD

Consumer spending, investment, government spending, net exports (export recipts - import payments)

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Voluntary unemployment

People that value leisure over the current wage rate

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Involuntary unemployment

People who are willing to work at the available wage rate but do not have a job. 3 types, cyclical, structural, frictional

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How unemployment is shown on PPF model

Gap between X and the frontier