Unemployment is a macroeconomic topic, and a low unemployment rate is considered a sign of a healthy economy.a) Define what it means to be “unemployed’ and the labour force’. Explain how the unemployment rate and labour force participation rate are calculated. [5)
1. Identify and explain the different types of unemployment [6)
- Explain how the unemployment rate can increase when additional jobs are being created in the economy, and can decrease when jobs are being lost in the economy.
- Explain and use a graph to illustrate how a legally imposed minimum wage can contribute to unemployment.
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