Full Employment
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| Goal of full employment | refers to the maximum sustainable rate of reduction in unemployment that will not cause inflationary and external pressures.
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| unemployment | is when those aged 15 years old and who are actively looking for work cannot find a job.
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| labour force | includes people over 15 years old who are either employed or unemployed.
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| 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.
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| seasonal unemployment | occurs during certain times of the year. Eg fruit pickers
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| frictional unemployment | occurs when people are moving from one job to another
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| hardcore unemployment | are mental or physical issues causing job rejections
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| 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.
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| 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.
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| 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.
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| participation rate | the percentage of a given group of individuals of working age who are prepared to work and seek employment.
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| 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.
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| 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.
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