Macro 8

Question 1

What does ILO stand for ?

Answer 1

International Labour Organisation

Question 2

What are the 4 types of unemployment ?

Answer 2

frictional , seasonal , structural , cyclical

Question 3

What is frictional unemployment

Answer 3

People moving between jobs

Question 4

What is seasonal unemployment ?

Answer 4

farmers when harvest is ready they are unemployed when not .
Variations in employment patterns

Question 5

What is structural unemployment ?

Answer 5

Mismatch of skills and opportunities
miner strikes , lost job due to mines closing and had no other skills

Question 6

What is cyclical unemployment ?

Answer 6

slump , recession
Lack of aggregate demand

Question 7

What are the two types of immobile factors of production ?

Answer 7

geographical

Question 8

What is geographical FOP ?

Answer 8

unable to move to another area for work

Question 9

What is occupational FOP ?

Answer 9

lacking the skills to move industry

Question 10

What are the reasons for geographical immobility ?

Answer 10

Large house prices, rent and cost of living differences between areas
- High costs involved with moving
house
- Reluctance to leave family and
friends

Question 11

What are the reasons for occupational immobility ?

Answer 11

• Lack of training, education and skills required in a different job
• Lack of required qualifications / required memberships of professional bodies
• Lack of work experience