Year 11 Exam > Year 11 Notes > Economics for GCSE/IGCSE > Consequences of Unemployment
Consequences of Unemployment | Economics for GCSE/IGCSE - Year 11 PDF Download
Consequences of Unemployment
- Unemployment repercussions can be highly detrimental, particularly in cases of prolonged joblessness. The effects extend to individuals, the economy, governmental structures, and businesses.
- Government Impacts: Governments experience a decrease in tax revenue and an increase in welfare spending.
- Individual Impacts: Unemployment leads to significant emotional, relational, and financial challenges for individuals.
- Business Impacts: Businesses may struggle to rehire workers once the economy starts recovering as workers may have found other opportunities.
- Economic Effects: The economy shrinks due to the inefficient utilization of available resources.
Question for Consequences of UnemploymentTry yourself: What is one of the consequences of unemployment on governments?View Solution
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FAQs on Consequences of Unemployment - Economics for GCSE/IGCSE - Year 11
| 1. What are the economic consequences of unemployment? |  |
Ans. Unemployment can lead to decreased consumer spending, reduced economic growth, and increased government spending on social programs to support those who are unemployed.
| 2. How does unemployment impact individuals and families? | |
Ans. Unemployment can cause financial strain, loss of self-esteem, and can lead to mental health issues such as depression and anxiety for individuals and their families.
| 3. What are the social consequences of unemployment? | |
Ans. Unemployment can lead to social isolation, strained relationships, and can contribute to an increase in crime rates within communities.
| 4. How does unemployment affect a country's overall productivity? | |
Ans. Unemployment reduces a country's overall productivity as there are fewer workers contributing to the economy, which can lead to a decrease in output and efficiency.
| 5. What are some long-term consequences of prolonged unemployment? | |
Ans. Prolonged unemployment can lead to skill degradation, decreased employability, and can have lasting effects on an individual's financial stability and overall well-being.
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Dec 31, 2024 Last updated |
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