Unemployment Flashcards
What is the beverage definition of unemployment
1944 famous white paper by William beverage defined full employment when unemployment falls to 3% of the labour force
What is the free-market definition of unemployment
The level of employment occurring at the market clearing real wage rate where the number of workers whom employees wish to hire equals the number of workers wanting to work
What is the claimant count
The method of measuring unemployment according to those people who are claiming unemployment related benefits (Universal Credit) people may be working and claiming benefits. Can’t be compared with other countries
What is the labour force survey
A quarterly sample survey of households in the UK. It’s purpose is to provide information on the UK labour market. The survey seeks information on respondents personal circumstances and their labour market status during a period of 1-4 weeks. 100000 people in 40000 households. However there is a margin of error
What does it mean to be economically inactive
When you aren’t working and able to work but haven’t looked for work in the last 4 weeks.
