Unemployment Levels Flashcards
1
Q
What is an unemployment rate
A
Number of unemployed people divided by labour force
2
Q
Unemployment definition
A
Over 15
Not employed
Trying to find work
Allowed to work
3
Q
What is unemployment an indicator of
A
Economic performance
4
Q
What are the categories of unemployment
A
Frictional
Cyclical
Structural
Seasonal
5
Q
Frictional unemployment
A
Transition from one job to another
6
Q
Cyclical
A
Hard to find job so demand for goods and services fall
7
Q
Structural
A
Don’t have right skills or experience
8
Q
Seasonal
A
Demand for employees depend on the season
9
Q
Cost of high unemployment levels
A
Income tax revenue falls
Wasted labour resources
Government expenses rise
10
Q
Employment rate
A
People able or willing to work
