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Terms in this set (21)
The working population of a country: people already in employment and those actively seeking employment.
The working population consists of all those people of working age who are both willing and able to work.
The dependent population consists of people not counted as economically active in the labour force. This includes: students in education, retired people, stay-at-home parents, people in prisons or similar and people who simply do not want to work.
Unemployment associated with people deciding not to work.
Unemployment associated with employees losing jobs they would prefer to keep, for example, due to closure of the firms they work for.
Labour force participation rate
The labour force participation rate measures the percentage of the working age population that is either employed or actively seeking employment and therefore able to produce goods and services.
A type of employment contract that normally requires the employee to work more than 35 hours per week, often spread over 5 days each week.
A type of employment contract that normally requires the employee to work fewer hours per week than a full-time employee.
The percentage of a working population that is registered as being without paid employment.
Temporary unemployment as people change jobs.
Unemployment associated with falling demand for different goods or services at certain times of the year.
Unemployment caused by falling aggregate demand during an economic downturn or recession.
A term used to describe how small initial changes in consumer, public or investment spending can result in much larger changes in income,output and employment in an economy.
Unemployment caused by a decline in once major industries.
A form of structural unemployment that is heavily concentrated in particular areas of a country.
Unemployment caused by the substitution of labour in production processes by advanced capital equipment.
The inability of workers to move easily between different occupations due to difference in their skills.
The inability of workers to easily move location to find work, often due to differences in housing costs and family commitments
Personal Costs of Unemployment
1. Possible loss of self esteem, leading to depression, health and marriage issues
2. Loss of income, leading to poorer diets/malnutrition could result in failure to meet mortgage payments or rent, leading to eviction or homelessness
3. Family issues as a child in a family with unemployed parents more likely to drop out of school and become unemployed in future
Governmental Costs of Unemployment
1. Higher public spending on unemployment and welfare benefits, less on schools etc
2. Loss of income tax revenue
3. Cut backs on spending on merit goods
Costs to an Economy
1. Unemployment is a waste of resources - output is lower than what it could otherwise be
2. Taxes may have to rise to pay for increased welfare payments
3. Aggregate demand decreases thus real GDP decreases and economy shrinks
THIS SET IS OFTEN IN FOLDERS WITH...
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