Create a Graph Illustrating Labour Unemployment

question 36

Essay

Create a graph illustrating labour unemployment.Explain how unemployment occurs.
Unemployment is a result of the prevailing wage rate being above equilibrium.

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Definitions:

Trend Analysis

A quantitative approach to forecasting labour demand based on an organizational index such as sales.

Replacement Charts

Listings of current jobholders and people who are potential replacements if an opening occurs

Attrition

The gradual reduction in workforce through normal means, such as retirement or voluntary resignation, without actively replacing those positions.

Contract Workers

Individuals hired to perform specific tasks or projects for a limited period under a contract, rather than being permanent employees.