Year 12 Recap - Unemployment
This Year 12 Recap video covers the basics around the topic of unemployment.
Unemployment is the measure of the number of people of working age who are out of work but are making active strides to get back into work. The number of people who are currently unemployed provides a key indicator of the underlying health of an economy. However, economists are always wary of drawing too many concrete conclusions from this metric as it does not include those who are not part of the labour force. In macro exam style questions, the disruption of the macroeconomic equilibrium and its direct impact on unemployment is a basic analysis tool which can provide students with the kickstart for their evaluation points.
At A level, students are required to know about four different types of unemployment, cyclical, seasonal, frictional and structural unemployment. This video explains the distinction between each of these types of unemployment, as well as how to represent their impact on an AD/AS diagram.
Here Jacob guides you around the topic of unemployment:
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