https://padlet.com/20037709_3/d7skh6h72g7mz92d Macro L05 en-us 2022-05-20 11:01:50 UTC 2022-05-20 12:25:07 UTC hello@padlet.com 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192840448 2022-05-20 11:02:20 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192840448 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192842149 --> when the number of workers who are able and  willing to work EXCEEDS the number of jobs  available.

--> When the supply of labour EXCEEDS the  demand for labour in the labour market.]]> 2022-05-20 11:04:08 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192842149 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192846989 --> Working Age  Singapore (15 years  old and above)

--> Labour Force: Those who are employed or  willing, able and actively  seeking jobs

--> Not in Labour Force: Housewives, discouraged workers,  retirees]]> 2022-05-20 11:09:58 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192846989 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192852291 --> Willingness of people of working age to  take jobs.]]> 2022-05-20 11:16:42 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192852291 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192852947 --> The extent to which people who want jobs but  cannot find them.]]> 2022-05-20 11:17:32 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192852947 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192861407 It refers to the supply of and  demand for labour where employees who are willing  and able to work constitute the labour supply while  employers who are providing the jobs make up the  labour demand]]> 2022-05-20 11:28:02 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192861407 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192865014 Non-wage factors affecting labour  demand will cause a shift of the labour  demand curve.

--> A rise in the level of consumer  demand means that a business needs to take on more workers (rightward shift of labour demand  curve)

--> During a recession or a slowdown, the aggregate demand for labour will  decline as businesses look to cut  their operations costs and scale back on production (leftward shift of labour  demand curve)]]> 2022-05-20 11:31:59 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192865014 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192868143 Non-wage factors affecting labour  supply will cause a shift of the labour  supply curve.

--> As the population increases, the supply of labour increases (rightward  shift of labour supply curve)

--> With a changing attitude towards work and more childcare options  available, more women are choosing  to work instead of being stay-at-home  mothers, resulting in a rise in the labour supply (rightward shift of labour  supply curve)]]> 2022-05-20 11:35:44 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192868143 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192877830 Caused by lack of demand  of goods & service during  economic slowdown]]> 2022-05-20 11:47:32 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192877830 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192879184 2022-05-20 11:48:29 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192879184 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192880597 Caused by mismatch of  skills of worker required for  jobs]]> 2022-05-20 11:50:09 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192880597 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192882588 Caused by search time  required by workers to enter  or change jobs]]> 2022-05-20 11:51:29 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192882588 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192886356 Caused by routine changes  in the demand for certain  kinds of labour.]]> 2022-05-20 11:54:46 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192886356 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192893389 --> Excludes discouraged people who have been unemployed for a  long time and have given up search for work

--> Excludes underemployed : part-timers who would like to be  employed full-time & people working in jobs for which they  are greatly over-qualified

--> Does not indicate natural unemployment – frictional and  structural

--> Does not indicate productivity of labour

--> Does not indicate how long workers are unemployed]]> 2022-05-20 12:01:35 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192893389 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192899833 2022-05-20 12:08:02 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192899833 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192900823 --> Loss of Income
--> Loss of Skills
--> Psychological Stress]]> 2022-05-20 12:09:09 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192900823 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192902825 --> Underutilizing of  resources
--> Decline in  consumption,  investment
--> Loss of income  tax revenue]]> 2022-05-20 12:10:15 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192902825 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192904324 --> Full employment means that the economy is using all its  existing resources to produce at its potential GDP.

--> When an economy is operating at the full employment level,  there is NO cyclical unemployment.

--> However, there will ALWAYS be some frictional and  structural unemployment even when the economy is at its full  employment. (i.e.: At full employment, unemployment rate ≠  0%)

-->This level of unemployment is also known as the Natural  Rate of Unemployment]]> 2022-05-20 12:11:45 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192904324 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192907236 2022-05-20 12:14:28 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192907236 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192909677 Provide platforms which job  seekers can find information  of vacancy. Eg. Career Fairs, Jobs Portal (JobsDB,  Monsters)]]> 2022-05-20 12:16:42 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192909677 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192912336 Tax incentives or  government grants to attract  multi-national companies to  set up operations in the  country. Eg. Government subsidy]]> 2022-05-20 12:19:18 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192912336 20037709_3 https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192914717 Enhance skillset through  education and training. Eg. Encourage upgrading of  skillset (e.g.: Singapore -  SkillsFuture credit) or SkillsFuture Earn and  Learn Programme]]> 2022-05-20 12:21:24 UTC https://padlet.com/20037709_3/d7skh6h72g7mz92d/wish/2192914717