Theme 2 - Employment Flashcards
In employment
People who are either working for firms or other organisations, or are self employed
Economically inactive
Those people of working age who are not looking for work, for a variety of reasons
Discouraged workers
People who have been unable to find employment and who are no longer looking for work
Workforce
People who are economically active either in employment or unemployment
Full employment
A situation where people who are economically active in the workforce and are willing and able to work (at the going wage rate) are able to find employment
Claimant count of unemployed
The number of people claiming Jobseeker’s Allowance each month
ILO unemployment rate
A measure of the percentage of the workforce who are without jobs, but are available to work, willing to work and are looking for work
Frictional unemployment
Unemployment associated with job search; that is, people who are between jobs
Structural unemployment
Unemployment that arises due to changes in the pattern of economic activity within the economy
Cyclical unemployment
Unemployment that arises due to the downturn of the economic cycle, such as a recession
Demand deficient unemployment
Unemployment that arises because of a deficiency of aggregate demand in the economy, so that the equilibrium level of output is below full employment
Seasonal employment
Unemployment that arises in seasons of the year when demand is relatively low
Voluntary unemployment
Situation arising when an individual chooses not to accept a job at the going wage rate
Involuntary unemployment
Situation arising when an individual who would like to accept a job at the going wage rate is unable to find employment
