HASS

• Unemployment


  When a person is unable to find a job that is suitable
• ABS measurement classification of a person as unemployed


  • Of working age (16 to 65?)
  • An Australian citizen
  • Willing i.e. actively seeking a job
  • Able i.e. 'physically and mentally well'
• Underemployment


  When a person is working less hours than they want to
• Underemployment example


  • A person has a part-time job (say 20 hours per week), but actually wants a full-time job (38 hours per wk)
• Underemployment trend questions


  • Compare to un. rate
  • When was it highest?
  • When was it lowest?
  • Correlation with un rate? Pattern clear?
  • Is underemployment 'bad'?
  • What influences the underemployment rate?
• Job vacancies


  Demand for labour, businesses advertise positions when they require more workers
• Job vacancies questions


  • Current level?
  • Trend?
  • When were job vacancies high? low?
  • What influences job vacancies? i.e. how does the economic growth rate correlate with job vacancies?
• Employment index


  What year is the 'reference' point when the index was set at 100?
• Employment questions


  • From the reference point what has been the growth in employment levels?
  • What is the change in total hours worked?
  • What is the trend for average hours worked?
  • Can you account for the discrepancy in total versus average hours worked?
• Macroeconomics


  The study of the economy as a whole, including issues such as growth, inflation, and unemployment
• GDP (Gross Domestic Product)

  The total value of goods and services produced in a country in a given period
• Economic growth


  An increase in the productive capacity of an economy over time
• Real GDP per capita


  The best available measure of economic growth, as it takes into account both total economic output and population size
• Calculating economic growth rates from GDP figures


  Apply formula
• Outline recent trend in Australia's economic growth including current rate
• Factors that influence Australia's economic growth performance


  • Past
  • Current
  • Future
• Actions the government can use to influence Australia's economic growth

  • List of actions
• Factors that influence the level of economic growth

  • List of factors
• Labour force concepts


  • Labour force
  • Full-time vs part-time employment
  • Not in labour force
  • Underemployment
• Calculating unemployment rates


  Apply formula and concepts relating to measurement of labour force
• Identify current rate of unemployment and underemployment in Australia
• Outline recent trend in Australia's unemployment and underemployment rates
• Types of unemployment


  • Frictional
  • Structural
  • Cyclical
• Structural unemployment


  Unemployment caused by a mismatch between the skills of workers and the skills required for available jobs
• Effects of unemployment


  • List of effects
• Inflation


  A sustained increase in the general price level of goods and services in an economy over time
• Current rate of inflation in Australia
• Recent trend in Australia's inflation rate
• Measurement of inflation


  Basket, weighting, CPI, formula
• Types of inflation


  • Demand-pull
  • Cost-push
• Effects of inflation


  • List of effects