HSC Together Year 12 Economics: Effects of Unemployment: Economic and Social Costs

Economics

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Effects of Unemployment: Economic and Social Costs

Unemployment has profound effects on the domestic economy. These effects can be separated into economic and social costs.

  • Economic costs refer to those related to income and output.
  • Social costs refer to those related to issues related to society’s wellbeing

Watch the video to learn more about the economic and social costs of unemployment in HSC Economics:

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