Unit 2-Area of Study 1-Definitions Flashcards
Define:
Demographic change
Involves trends in a nation’s population size and aspects of its distribution measured over a period of time
Define:
Economies of Scale
Refers to the fact that it is often cheaper to produce large volumes than smaller ones, because fixed production costs of firms can be spread over larger volume of units
Define:
Employed Persons
Anyone over 15 who has a job and works for money
Define:
Unemployed Persons
Anyone over 15 who is willing and able to work but is unable to get a job
Define:
Labour Force
Anyone aged over 15 who is willing and able to work, including both the employed and unemployed
Define:
Participation Rate
Percentage of all over 15 who are in the labour force
Define:
Labour Market Conditions
Describe the level of demand for labour, relative to its supply, and is described as strong, weak or ideal
Define:
Incidence of Unemployment
Refers to the way employment or unemployment is spread among different age groups, ethnicities, regions, occupations and genders
Define:
Cyclical Unemployment
Occurs when national spending and production levels are weak
(AD is low)
(Demand-side)
Define:
Natural Unemployment
Caused by changing supply-side conditions that alter the way firms organise production, business profitability and survival, and the ability and willingness of individuals to be employed
(Supply-side)
Define:
Structural Unemployment
Occurs due to changes in the way goods and services are produced, such as the introduction of new technologies
Define:
Frictional Unemployment
Occurs when people are unemployed between finishing one job and starting another
Define:
Seasonal Unemployment
Occurs when job is terminated at same time every year due to change of season
Define:
Hard-core Unemployment
Occurs due to attitudes towards certain jobs
Define:
Aggregate Weekly Hours Worked
Indicate changes in the demand for labour by employers, as judged by the average number of hours worked per staff member in a week
