Employment And Unemployment Flashcards
Who is unemployed
Those people able, available and willing to work at the going wage but cannot find a job despite an active search for work
What does unemployment mean
That scarce Human Resources are not being used to produce goods and services to meet people’s needs and wants
What is the claimant count
The number of people officially claiming unemployment-related benefits - must be actively seeking work
What is the labour force survey
All those actively seeking and available for work, whether or not they are claiming benefits
When is someone defined to be long term unemployed
Unemployed for at least one year
What is the labour force
The number of people of working age who are able, available and willing to work
What is full employment
When there is amount unfilled job vacancies for all the unemployed to take work
Key term: discouraged workers
People out of work for a long time who may give up on job search and effectively leave the labour market
Key term: economically inactive
Those who are out of working age but are neither in work nor actively seeking paid work
Key term: employment rate
The % of the population of working age in full-time or part-time paid work
Key term: unemployment rate
% of the economically active population who are unemployed
Who are economically active people
Those in work plus those seeking and available to work
When does under-employment occur
When people are counted as looking for an additional job or actively searching for a new job with longer hours to replace their current job
What is frictional unemployment
Unemployment as people move between jobs
What makes frictional unemployment worse
Imperfect information - if people are unaware of available jobs
