Employment

Question 1

What is the participation rate?

Answer 1

The percentage of the working age in the labour force

Question 2

What is the labour force?

Answer 2

Those of working age who are economically active willing and able to work.Employed + Unemployed

Question 3

What does Economically inactive mean?Who are dependants?Examples of economically inactive.

Answer 3

Those of working age who are not able and/or not willing to work.Not part of the labour force.Dependants are those outside of the working age.Those in full time education,Rasing kids,early retirement.People who are not capable of working are also considered as economically inactive

Question 4

Definition of unemployed?

Answer 4

Part of the labour force without paid work,they are willing and able to work at the going wage rate and are actively seeking employment.

Question 5

What is the level of unemployed and how is it calculated?

Answer 5

Number of workers in labour force who are willing and able to work and are actively seeking work at the going wage rate but do not have paid work.Number of employed/labour force x100

Question 6

Definition of Employment.How do you calculate employment rate?

Answer 6

Part of the labour force who are in paid work.Level of employment=number of workers in paid work.Number of employed/working age population x 100

Question 7

How to calculate inactivity rate?

Answer 7

Economically inactive/working age x100

Question 8

Definiton of underemployed

Answer 8

Workers who are in paid work but are experiencing a lack of paid work,work that doesn’t make full use of their skills and abilities.Exampls Part time workers willing and able to work full time.

Question 9

What are the additions to the level of unemployment?

Answer 9

Economically active who have left paid work due to being fired.Those who have left full time education or training and havent yet found paid work.Those who have joined the economically active through immigration without having a job arranged.

Question 10

Subtractions from level of unemployment

Answer 10

Unemployed workers who take up paid work
Unemployed workers who retire early
Unemployed workers who enter full time education
Unemployed workers who emigrate
Discouraged workers who have given up looking for employment

Question 11

Why will a mixed economy never have zero unemployment?

Answer 11

This is because a natural rate of unemployment exists(some frictional and some structuraL)Rate of unemployment between 3-5 percent indicates an economy is operating near full employment.

Question 12

Describe the labour force survey

Answer 12

Measures the level of unemployment,total level of unemployment is those of working age who have declared themselves out of work,looked for work in the past and month and are able to start work within 2 weeks.

Question 13

Describe the claimant count?

Answer 13

Measuring of those claiming unemployment related benefits.Job seekers allowance.It involves universal credit claimants on low incomes due to covid.