Unemployment

Definition A person is considered unemployed if: ◦They are without work ◦They are able to begin work ◦They are actively seeking employment

Types of unemployment Conduct research into FOUR of the following types of unemployment. Cyclical unemployment Structural unemployment Seasonal unemployment Frictional unemployment Hardcore unemployment Hidden unemployment Long term unemployment

How to calculate unemployment The unemployment rate is calculated by the formula ◦Number of people unemployed X 100 ◦Total labor force 1 Using the ABS website find the current figures and hence current unemployment rate in Australia

Full employment Full employment is one of the Federal Governments main economic objectives When the unemployment rate is between 4% and 5% the economy is considered to have achieved full employment

Trends in unemployment Unemployment Rate: Trend Series

Trends in unemployment From the graph on the pervious slide answer the following questions: ◦In which years were there spikes in unemployment? Give reasons for this. ◦Describe the trend in Australia’s unemployment rate over the last ten years. ◦

The costs of unemployment Prepare a list of the effects of unemployment on the individual and society. The list should be set out as shown below. Effects of unemployment on individuals Effects of unemployment on society