Learning objectives
Define full employment and distinguish equilibrium from disequilibrium unemployment, including hysteresis
Distinguish voluntary from involuntary unemployment using a labour market diagram
Define the natural rate of unemployment, explain what determines it and discuss its implications for policy
Describe patterns and trends in employment and unemployment, such as participation rates, part-time and informal work
Explain geographical and occupational mobility of labour and the factors that limit it
Evaluate policies to reduce unemployment and their effectiveness against each type of unemployment
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