Unemployment Internal 4 Credits

Words you need to know how to define Involuntary Unemployment Voluntary Unemployment Frictional Unemployment Structural Unemployment Cyclical Unemployment

Models you need to know Labour Market model – Min Wage changes – Show level of Employment Involuntary Unemployment Voluntary Unemployment Full Employment AD/AS Model – Show how changes in AD or AS effects unemployment levels

Impacts on Groups Households – Age and Old and Young employees – Skilled and Unskilled workers – Families with children and those without – Social Stress – Ethnicities – Regions Producers – Output – Profits Government – Tax receipts – Social Welfare – Government Spending

What you need for A Analyse unemployment using economic models – Define unemployment concepts (Voluntary and Involuntary, Fictional, structural and cyclical) – Provide an explanation of causes of changes in unemployment using economic models ( Changes in labour market model e.g. Min wages changes and correctly labelled ) – Identify impacts of unemployment on various groups (e.g. young vs old workers becoming unemployed, impact on producers and government)

What you need for M Analyse Unemployment in depth – Detailed explanation of causes of changes on unemployment using economic models (e.g. explaining why min wage decreases would mean less involuntary unemployment refering to the graph in your answer) – Correctly changing AD/AS model or labour market model and explaining effect on unemployment – Detailed explanation of the impacts of changes in unemployment on various groups in NZ society (e.g. detailed explanation why one groups may be more effected by being unemployed than another. – Detailed explanation of the effect of increased or decreased unemployment on different groups e.g Government, Producers, skilled workers, unskilled workers, small and large families, young and old)

What you need for E Analyse unemployment comprehensively – Analysis of changes in unemployment by comparing and/or contrasting their impact on unemployment – Analysis of the impacts of changes in unemployment by comparing and/or contrasting the impact on various groups on NZ society – Analysis by integrating changes shown on economic models into detailed explanations