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4 Cards in this Set
- Front
- Back
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Full employment definition |
Exists when everybody seeking work is employed at existing wage rates. |
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Positive consequences of full employment. |
-Increased standards of living -increased government tax revenues -reduced social welfare bill -increased aggregate demand -increased investment |
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Negative consequences of full employment |
-Possible labour shortages -inflationary pressures -pressure on the states infrastructure -deterioration/loss of services |
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Types of unemployment |
-Frictional unemployment -seasonal unemployment -Cyclical unemployment -Structural unemployment -Institutional unemployment |
