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Full Employment

TermDefinition
Goal of full employment refers to the maximum sustainable rate of reduction in unemployment that will not cause inflationary and external pressures.
unemployment is when those aged 15 years old and who are actively looking for work cannot find a job.
labour force includes people over 15 years old who are either employed or unemployed.
Structural unemployment caused by the changing composition and structure of an industry which can be caused by; introduction of new technology, cost cutting by firms, geographical change in the location of a firm/industry. Contributes to 4-4.5% of natural unemployment in Aust.
seasonal unemployment occurs during certain times of the year. Eg fruit pickers
frictional unemployment occurs when people are moving from one job to another
hardcore unemployment are mental or physical issues causing job rejections
hidden employment includes individuals who would like a job or longer working hours. They are not recorded in the ABS official statistics because they are not actively seeking a job.
underemployment exists when it is possible to reduce the labour force rate without a reduction in productivity levels. This is because workers are not working to their capacity and are employed inefficiently.
cyclical unemployment A loss of jobs due to lack of demand and a downturn in the economic cycle, occurs when the overall participation rate in Aust. is above 4.5%. The government tries to minimise this type of unemployment in their quest to achieve the goal of full employment.
participation rate the percentage of a given group of individuals of working age who are prepared to work and seek employment.
labour force underutilisation rate is the extent to which the labour force is not working to its capacity. It is calculated by adding the unemployment rate with the underemployment rate.
natural unemployment is currently around 4.5% and is unavoidable, even in a healthy economy. It occurs due to the existence of structural, frictional, hardcode and seasonal unemployment factors.
Created by: sarah5930
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