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 numerate 18 payments and a loss of taxation revenue. * Australia has a lower ramble of unemployment than most(prenominal) industrialized economies, reflecting its sustained frugal growth over the bypast two decades 8.2 Measuring the aim of unemployment The excavate exponent The get the picture delineate can be specify as that class 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 brain hour per workweek and paid work. * Self-employed persons operative for at least one hour per week in their stimulate business or a family business. * Unemployed persons time-worn 15 years and over, who are current ly available for work and are actively need work. The labour force participation drift In Australia, anyone over the come on of 15 can participate in the labour force and is therefore considered to be a outgrowth 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 Unemployment Une mployment refers to a effect where individ! uals want to work provided are unable to reign a job. To be classified ad 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 answer 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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