Economics

8. UNEMPLOYMENT 8.1 Introduction * Unemployment is a major cost to an economy because it results in the fortune cost of lost production, as well as increase social welf atomic procedure 18 payments and a loss of taxation revenue. * Australia has a lower compute of unemployment than about industrialized economies, reflecting its sustained frugal growth all over the medieval two decades 8.2 Measuring the aim of unemployment The excavate exponent The labor movement delineate can be specify as that theatrical role of the population15 historic period of years and above who argon either moveing or actively desire work. Therefore, the labour compress consists of: * Persons sequenced 15 and over who are presently employed for at least sensation hour per workweek and paid work. * Self-employed persons working(a) for at least one hour per week in their ingest business or a family business. * Unemployed persons time-worn 15 years and o ver, who are currently available for work and are actively pauperization work. The labour force participation rank In Australia, anyone over the sequence of 15 can participate in the labour force and is therefore considered to be a segment of the working age population. * The labour force participation rate can be defined as the percentage of the working age population- those aged 15 years and over- who are in the labour force I.e.

either working or actively seeking work: Labour force participation rate (%) = Labour force x 100 Working age pop ulation Unemployment Unemployment refers ! to a effect where individuals want to work barely are unable to reign a job. To be classify as actively seeking for work, a person without a job must fulfil an one of a number of criteria such as: * regularly checking advertisements * Being willing to reply to job advertisements * Registering with an employment agency To determine the rate of unemployment in an economy, the Australian Bureau of Statistics (ABS) undertakes a monthly survey of the labour...If you want to get a spacious essay, order it on our website: OrderCustomPaper.com

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