Topic 3: Australia's Economic Scorecard

Question 1

Define labour force

Answer 1

The labour force is conceptually equivalent to the labour supply available for the production of economic goods and services, it is made up of the employed + the unemployed which = the labour force

Question 2

Define employed

Answer 2

Those of working age who are engaged in any activity to produce goods or provide services for pay or profit for one hour or more a week

Question 3

Define unemployed

Answer 3

Unemployment is a term referring to individuals who are employable and actively seeking a job but are unable to find a paid job