Principles of Macroeconomics / Unit 5 MAC 0401 short lesson, about 20 seconds
Why Unemployment Matters
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The idea
Unemployment costs the person income, savings and often health, and it costs the economy the output those workers could have produced.
In practice
That forgone output is the opportunity cost of leaving workers idle.
Where people slip
Unemployment is measured with more care than almost any other statistic, because the definition decides who is counted.
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