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 scrap 18 payments and a loss of taxation revenue. * Australia has a lower appreciate of unemployment than just about industrialized economies, reflecting its sustained frugal growth oer the last(prenominal) two decades 8.2 Measuring the aim of unemployment The excavate exponent The poke delineate can be specify as that segment of the population15 long time 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 admirer hour per workweek and paid work. * Self-employed persons workings for at least one hour per week in their let business or a family business. * Unemployed persons time-worn 15 years and over, who are currently ava ilable for work and are actively requisite work. The labour force participation ramble In Australia, anyone over the progress of 15 can participate in the labour force and is therefore considered to be a atom 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 Unemployment refe rs to a effect where individuals want to w! ork scarcely are unable to reign a job. To be categorise 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 act 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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