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Distinguish between structural and demand-deficient unemployment
Structural unemployment: declining industry
Demand-deficient unemployment: recessionary
Using an appropriate diagram, explain how a recession might lead to more poverty
Poverty: Condition where people's basic needs for food, clothing, and shelter are not being met.
Diagram: AD/AS or Lorenz curve
Explanation: Recession results in lower incomes, higher unemployment
Example: USA recession resulted in unemployment. Highest number of people under the poverty line 15%
Evaluate the view that attempts to achieve greater equity in the distribution of income will reduce economic efficiency
Equity: A fair distribution of a country's resources. A subjective concept that usually involves the government providing public goods and welfare
Economic efficiency:
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