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 flake 18 payments and a loss of taxation revenue. * Australia has a lower locate of unemployment than to the highest degree industrialized economies, reflecting its sustained frugal growth everyplace the quondam(prenominal) two decades 8.2 Measuring the aim of unemployment The excavate exponent The grok delineate can be specify as that discussion section of the population15 eld 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 one hour per workweek and paid work. * Self-employed persons works for at least one hour per week in their deliver business or a family business. * Unemployed persons time-worn 15 years and over, w ho are currently available for work and are actively demand work. The labour force participation outrank In Australia, anyone over the bestride of 15 can participate in the labour force and is therefore considered to be a member 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 population U nemployment Unemployment refers to a effe! ct where individuals want to work except are unable to reign a job. To be classified 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 respond 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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