| A | B |
|---|
| labour market | where the supply of workers meets the demand for workers. |
| Economic Downturn Increased use of Technology Ageing Population | factors that cause an increase of supply in labour market |
| Economic Expansion Increased Consumer Spending/Investment Low Birth Rate | factors that cause an increase in demand of the labour market |
| productive capacity | The labour force represents Australia’s ? ? |
| unemployed and employed persons | two factors that make up the labour force |
| POTENTIAL labour force. | working age population’represents Australia’s |
| students, homemakers, retirees | groups of people who are in working age population but not in labour force |
| underemployed | term used to describe group of people working part time but looking for more work |
| underutilised | term that describes total number of unemployed and the total number of underemployed persons, |
| productive capacity | maximum goods or services an economy / business can produce using its available resources |
| productivity | amount a business can produce / achieve with the resources they have. |
| consequences | Lack of tax receipts, Skills gap due to lack of use, isolation, self esteem, financial |
| demand side factors that influence employment | consumer spending (interest rates, taxation), inflation, net exports (exchange rate or economy of trading partners |
| supply side factors that influence employment | education and training, immigration, technology, cost of labour |
| skills, innovation and capital investment | three forms of investment to increase productivity |
| increase wages or reduce prices of goods and services | increased levels of competitiveness can allow businesses to consider these options |
| reduced prices of goods and services | Incrased productivity facilitates domestic or global competitiveness as it allows for this |
| structural, frictional, cyclical, hard core, seasonal | types of unemployment |
| cyclical | type of unemployment not associated with natural unemployment |
| inflation | NAIRU is the level of unemployment achieved before this is impacted on |
