Unemployment Flashcards
Labour force
the number of persons actually working in an organisation or country
Australian Bureau of Statistics
trusted statistics on a wide range of economic, social, population, and environmental matters of importance to Australia.
Employed according to the ABS
The ABS classifies people as employed full-time if they worked, or usually work, 35 or more hours in the survey reference week.
or includes people who are in a paid job for one hour or more in a week
Unemployed according to the ABS
people who are 15 years and older who are not in a paid job, but are actively looking for work
Labour force survey
Given out by ABS to unemployed randomly determine if they are still unemployed
Non-Labour force people
15 yrs or older - not working and don’t want or cannot work.
Eg. Housewives
some disabled people
full-time students.
Calculating unemployment rate- formula
Unemployed/ Number of people in labour force x 100/1
Current unemployment rate %
4.1%
Limitations of the unemployment rate
- Ignores hidden unemployment
- Doesnt consider undemployment
- misleading survey answers
Cyclical unemployment
A fall in economic growth leads to the slowing down of production. there for people lose jobs. All negative growths in the economy = recession.
Structural unemployment
Production method change-people needed usually, technology takes over or items are produced overseas.
Frictional unemployment
when someone is not working because their new job hasn’t started yet- time off
Seasonal unemployment
Job only exists for a certain season
long term unemployment
when someone is not working for a period of 52 weeks.
youth unemployment
people ages between 15-24 who are unemployed
