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Preliminary Economics
Topic 4: Labour Markets
The Australian Workforce
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Cards (5)
Workforce
Section of the population
15
years of age and above (usually to
64
)
who are either
working
or
actively
seeking work.
Employment
One or more
hours
of work per
week
Unemployment
When someone is
unwilling
to or
unable
to work and does not have a
job
General Characteristics - Population Size
The larger the population the
greater
the potential workforce. The population size is influenced by
natural
increase (excess of birth of death)
net
migration
General Characteristics -
Education
Patterns
An economy must have a highly skilled and productive workforce. Individuals who endure years of training and studying
benefit
from
higher earnings