Individuals: Falling standard of living, Falling efficiency as lose skills, Increased health problems, Reduced status – could lead to social exclusion from friends., Firms: Fall in demand for products leading to a fall in sales and profits, Bigger pool of labour available, Less pressure to pay higher wages, Less risk of industrial action as employees are worried about losing their jobs, Government: Reduced taxation revenue , Lost output – real GDP will fall, Increased burden on the health system, High payments in JSA, Other priorities suffer as spending cuts take place to pay higher JSA, Run the risk of a budget deficit,

N5 Economics Unemployment - Impact of unemployment

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