Economic costs is the decrease in goods and services that occurs as result of unemployment but non-economic cost is the increase in goods and services that occur as result of unemployment.
examples of non economic factors
What is the difference between economic and non economic activities.?
non-economic choice
no
A wide variety of factors affect economic and non economic industrialization. The culture of the people, the social climate, and the political motives of the nation all affect industrialization.
Morale in the working populationWork satisfactionMental depression to the work forcePeople not so inclined to seek work after long periods of unemploymentMore crime due more youths out of work and petty crime for money
examples of non economic factors
What is the difference between economic and non economic activities.?
The main reason the unemployment can't fall to zero is that unemployment below NAIRU (Non-Accelerating Inflation Rate of Unemployment which is around 5%) creates a tight job market which leads workers to demand higher wages and firms to increase its prices as demand and costs go up. This situation leads to high inflationary pressures.
non-economic choice
Unemployment Compensation is considered non-taxable income for the Earned Income Tax.
Examples are Sunk Costs, Fixed costs and Allocated Costs.
Non Accelerating Inflationary Rate of Unemployment
An economic want is like America wants gas prices to be lower, a non economic want would be wanting milk prices to be lower.
cause
Overhead refers to the cost of a business in a particular period. Specifically, overhead points to fixed and indirect costs. They are non-labor costs. Non-labor costs are variable or fixed. Rent and salaries are examples of fixed costs. Advertising and supplies are variable costs.
no