UNEMPLOYMENT Flashcards
What is the participation rate
The participation rate is the percentage of people in the working age population that are in the labour force(either employed or seeking employment)
How much has female participation rate increased
53% in 1990 to 71% in 2023
Underemployment rate
The underemployment rate is the proportion of employed workers want to working longer houses. Underemployed ahs increased due to rise in part-time and and casual work.
How to be classified as unemployed by the ABS
To be classified as unemployed by the ABS, an individual in the survey must have worked zero hours worked in the reference week
Where does underemployment occur the most
Most prevalent in the accommodation and food services, arts & and recreation services
What is full employment
Refers to the situation where all individuals who are willing and able to work can find employment at current wage rates, without the presence of unemployment due to contractions in the business cycle.
Full employment will sometimes also be referred
The natural rate of unemployment
Even if there is full employment, there are some people that always people unemploymed because of
This does not imply zero unemployment, as there will always still be some level of frictional, structural, and seasonal unemployment.
What does NAIRU stand for
Non-accelerating Inflation Rate Of Unemployment
What is NAIRU
- NAIRU is the specific level ofunemployment that is evident in an economy that does not causeinflation to increase.
- In other words, if unemployment is at the NAIRU level, inflation is constant.
- NAIRU is the lowest level of unemployment that can occur in the economy before inflation starts to increase.
What is the under-utilisation rate
Underutilisation rate is the sum of the number of people unemployed and those who are under-employed
Unemployed definition
Unemployemtn occurs where poeple who are willing and able to work cannot find paid work.
