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Unemployment by Mind Map: Unemployment

1. In economics, a recession is a business cycle contraction which results in a general slowdown in economic activity.

2. This is a list of countries by unemployment rate. (%)

3. Cyclical unemployment

3.1. The first and easiest response is with expansionary monetary policy. The Federal Reserve will start lowering interest rates.

4. Global economic outlook is set to improve but remains marred by uncertainties

5. You become eligible for unemployment insurance benefits if:

5.1. You have been registered as unemployed.

5.2. You have filed an application for unemployment insurance benefits.

5.3. You have been employed and paid unemployment insurance premiums for at least 12 months within the 36 months preceding registration as unemployed.

5.4. Your employment relationship was terminated on grounds giving you the right to seek indemnity.

6. Classical unemployment

6.1. Classical unemployment occurs when real wages are kept above the market clearing wage rate, leading to a surplus of labour supplied.

6.2. Recession

7. Famine

7.1. Without money, people could not buy food and then famine resulted.

7.2. Famine is entirely avoidable if the government has the incentive to act in time.

8. The solution for unemployment is:

8.1. to create new jobs

8.2. Usually, a healthy economic growth rate of 2-3 percent is enough to create the 150,000 jobs needed to prevent high unemployment.

8.3. When unemployment creeps above 6-7 percent and stays there, it means the economy can't create enough new jobs. That's when the government steps in.