C35 Unemployment Flashcards
What are the measure of unemployment?
The claimant count
Labor force survey
What are the advantages of the claimant count?
Data is easy to obtain and there in no cost
What are the disadvantages of the claimant count?
Easily manipulated by governments
Excludes those who are looking for work
What are the advantages of the LFS?
More accurate and internationally agreed upon
What are its disadvantages
Less up to date
Expensive
Data may not represent the population as a whole
What is the claimant count?
The number of people who are claiming unemployment benefits for the JSA
What is the labor force service?
Use of a sample of the population asking who is working or actively seeking work
Why does the government want full employment?
Increases the production
Rasies standard of living
What is unemployment?
When an economy isn’t operating at maximum efficiency
What is underemployment?
When someone has a job but it doesn’t allow them to take advantage of their skill set
What is seasonal unemployment?
When the demand for labour isn’t the same all year round
What is structural unemployment?
The decline of the specific industries, due to changes in tech and consumer preferences.
What is frictional unemployment?
Unemployment between leaving one job and starting another
What affects the time between getting jobs?
Slumps and Booms
Welfare benefits
Information on available jobs
What is real wage unemployment?
When real wages are above the unemployment equilibrium of employment
