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Reduction in demands for goods and services

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Reference no: EM131051246

Because of a reduction in demands for goods and services production and real GDP go down. As a result many people lose their jobs. These people who lose their jobs are classified as:

  • Frictionally unemployed
  • Structurally unemployed
  • Cyclically unemployed
  • Not in labor force.

Reference no: EM131051246

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