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Employment

QuestionAnswer
Define full employment When everybody seeking work is employed at existing wage rates
Name 5 positive effects of full employment Increased standard of living. Increased government tax revenue. Reduced social welfare bill. Increased aggregate demand. Increased investment.
Name 5 negative effects of full employment Possible labour shortages. Inflationary pressure. Pressure on infrastructure. Deterioration/loss of services.
Define unemployment When those seeking work at existing wage rates are unable to find work
Name 5 kinds of unemployment Frictional unemployment. Seasonal unemployment. Cyclical unemployment. Structural unemployment. Institutional unemployment.
Name 2 methods of measuring unemployments Live register. Quarterly national household survey.
Name 4 limitations of the live register It includes people who are only seasonally employed, employed part time, are engaged in the black economy, and not seeking employment
Name three reasons the QNHS is a good measure of unemployment It excludes people who both sign on and work, legally draw unemployment benefit and work three days per week or are engaged in casual labour, sign on but are not seeking work.
Created by: JackEatonK98
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