1. Unemployment Flashcards
What does unemployment rate reflect
reflects the health of an economy.
How to get unemplyment info
ABS conduct emplyment survery every month
Labour force def
amount of ppl who are of wokring age(15 and over) who are iether wokring or seeking work
in labour force you can be 2 things
emplyed and unemployed
unemployment def
people who are willing and able to work, cannot find paid work.
Unemployed rate formula
Unemployment Rate = ππππππππ¦ππ/πΏππππ’π πΉππππ π₯100
particpipation def
is the proportion of the working age population that is in the labour force.
particpation rate formula
(πΏππππ’π πΉππππ)/(πππππππ π΄ππ ππππ’πππ‘πππ ππππ 15 ππ ππ£ππ) π₯100
Underemployment def
According to the ABS, if you work 1 hour or more a week you are considered to be employed.
underemplyment def 2
The number of people who are employed, but would like to work longer hours due to part time work.
underemolyed formual
underemployed/ laour force times 100
where is underemployment prevalent in
prevalent in the retail, food service and arts/recreation sectors, as they all have higher proportions of part time staff.
UNderutilisaton rate
unemployment rate% plus undermployment rate% = underutilisation rate
