Unemployment

• Employed

  A person who is working and has been paid for one hour or more in a job, business or firm
• Unemployed

  Someone who is willing and able to work but cannot find a job
• Current Unemployment Rate

  4.1%
• Target Unemployment Range

  4-4.5%
• Not Employed

  are people who are not actively looking for work and is not available to start work.

  e.g middle age man who is depressed to look for work, he is not actively seeking a job
• Underemployed

  Someone is a part time or casual worker and they work for less then 38 hours a week but would like to work more
• Labour Force

  is supposed to represent all potential work in Australia includes people who are employed and unemployed between the ages of 15-67
• Formula for labour force

  Number of Employed + Number of Unemployed
• Unemployment Rate

  measures the percentage of the labour force that is unemployed
• Formula for Unemployment

  Number of Unemployed/Labour Force X 100
• Total Employed Formula

  Part Time+Full Time
• Impacts of Unemployment

  consistency high levels on unemployment has negative effects on the economy. For this reason lowering unemployment is an important goal of economic management
• Economic Impacts of Unemployment

  Economic growth/incomes- rise in unemployment, less people working and contributing to the production levels total output in economy falls ( inside the curve, resources r wasted), level of income would fall.

  Costs to government- high levels of unemployment, falling incomes will generate less tax revenue, forced to pay unemployment benefits, decrease in Govs revenue increase in expenditure, budget deficient in Govs budget balance
• Social Impacts

  Homelessness can't pay home loans, banks will repossess homes people become homelessness

  crime levels will increase doesn't have a income some will resort to stealing