Unemployment and Its Natural Rate 28 Unemployment and Its Natural Rate

Figure 1 Breakdown of the UK Adult Population in 2010 Copyright © 2011 Cengage Learning

Figure 2 The Labour Market Experience of Different Groups Copyright © 2011 Cengage Learning

Figure 3 UK Unemployment Rate Since 1971 Copyright © 2011 Cengage Learning

Figure 4 EU Unemployment – December 2009 Copyright © 2011 Cengage Learning

Figure 4 Unemployment from a Wage Above the Equilibrium Level Labour supply Surplus of labour = Unemployment Labour demand Minimum wage LD LS WE LE Quantity of labour Copyright © 2011 Cengage Learning