| A | B |
|---|
| age greater than 15 and working one hour or more | two characteristics of term employed |
| actively | to be classed unemployed you must be ? looking for work |
| employed and unemployed figures | you need these figures to calculate the labour force |
| unemployment rate | unemployed number divided by labour force number provides this figure |
| participation rate | this rate uses calculation - labour force divided by population > 15 |
| labour force | to calculate participation rate we divide this figure by working age population >15 |
| capacity | the labour force shows a countries productive ? |
| productive capacity | this term describes - a countries maximum potential to produce goods and services. |
| working age population >15 | this group of individuals represents Australias potential labour force |
| homemakers, retirees, students, discouraged workers | list of people who are not included in working age population |
| immigration or increase in population | factors that could increase the supply of labour |
| 2.4% | rate of inflation at 12 march 2025 |
| 4.1% | rate of unemployment at Jan 2025 |
| natural rate of unemployment | NAIRU is often referred to as the .. |
| full employment | term that describes the lowest rate of unemployment without creating unacceptable INFLATIONARY or external pressures. |
| NAIRU | the goal of full employment is linked with this acronym |
| underemployed | term used to describe people who are employed but looking for more hours work |
| long term unemployed | term used to describe people who have been unemployed more than 12 months |
| hidden unemployment | classification of unemployment were individuals who do not have a job and would like to work, however have become discouraged about job prospects and are no longer looking. eg early retirees |
| structural unemployment | this type of unemployment is caused by a mismatch of skills |
| cyclical unemployment | this type of unemployment is primarily caused by a lack of demand for goods and services (AD) and fluctuations in the business cycle |
