Unemployment

Question 1

Unemployment:

Question 2

KU: cyclical unemployment - when demand for goods and services fall and so businesses have to lay people off. Also called a recession. During the pandemic 825000 lost their job due to recession

Question 3

A: important because people who are in lower skilled jobs are more likely to be laid off and they usually get paid less to begin with so won’t have many savings to use when they’re unemployed

Question 4

KU: structural unemployment - when a good or service isn’t needed anymore

Answer 4

so it leaves a lot of people who worked there without a job. Example

Question 5

A: important because it means that there will be less money in that area because there’s a large number of people with no income

Answer 5

so independent businesses will shut down

Question 6

E: cyclical unemployment isn’t constant since there hasn’t been a big one since the pandemic but structural unemployment can happen at any time. Structural unemployment is more likely to happen within manufacturing jobs since they can often be replaced by other things