Explain How Technological Changes That Have Reduced the Demand for Low-Skilled

question 102

Essay

Explain how technological changes that have reduced the demand for low-skilled workers can change the natural rate of unemployment.

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Definitions:

Poverty Line

The minimum level of income deemed adequate in a particular country to sustain a standard of living.

Equitable Hourly Income

The concept of ensuring fair and just wages for hours worked, considering factors like skill level, job difficulty, and market rates.

Minimum Wage

The lowest legal wage that can be paid to most workers.

Compensating Differential

Additional wage or benefit that compensates workers for unpleasant, risky, or demanding work conditions.