Employment

Front 1

Employed

Back 1

Someone over 15 years of age who is working more than one hour per week in return for some form of measurable remuneration.

Front 2

Unemployed

Back 2

Someone over 15 years of age without work or working for less than one hour per week and actively looking for work.

Front 3

Unpaid work

Back 3

When humans undertake production and there is no form of monetary reward. This is broken into household work and volunteer work.

Front 4

Derived demand

Back 4

The demand for a resource is dependant upon demand for the goods and services that utilise those resources.

Front 5

Relative price

Back 5

The monetary value/price of one good or services divided by the monetary value/price of another good or service.

Front 6

Outsourcing

Back 6

When firms hire external contractors to perform a key component of their operations.

Front 7

Relative wage

Back 7

The monetary reward for one profession or job compared to the monetary reward in another

Front 8

Labour force

Back 8

All those aged over 15 years of age who are willing and able to work; it includes the employed and the unemployed.

Front 9

Labour Force Survey

Back 9

A research tool used by the ABS to determine the unemployment rate and the participation rate.

Front 10

Unemployment rate

Back 10

Total number unemployed / labour force

Front 11

Participation rate

Back 11

Labour force / total population over 15

Front 12

Underutilisation rate

Back 12

(unemployed + underemployed) / (labour force)

Front 13

Disguised unemployed

Back 13

Those who are technically counted as employed because they are working one hour or more a week but are underemployed. They may be working part time and wanting more hours.

Front 14

Hidden employment

Back 14

Those who are not working but are not counted as unemployed because they have not sought work in the week prior to the survey.

Front 15

Discouraged worker effect

Back 15

When someone has given up looking for a job because they believe there aren't any jobs available. A person who for various social, personal or economic reasons has stopped actively looking for work.

Front 16

Labour force underutilisation

Back 16

Unemployed or underemployed

Front 17

Casualisation of the workforce

Back 17

The percentage of 15 to 24 year olds working in causal roles has increased from 41% to 51% from 1992. Labour resources can be employed when needed and there is less chance of labour being idle.

Front 18

Cyclical unemployment

Back 18

Booms and troughs in the international market that directly effect the demand for goods and services in Australia. A reduction in the level of demand leads to less production, which in turn reduces job opportunities. Cyclical unemployment usually occurs in the trough of a business cycle and is demand related.

Front 19

Aggregate demand

Back 19

C + I + G + (X - M)

Front 20

Frictional unemployment

Back 20

The period of time when one is looking for a job after recently leaving another. It is also for first job seekers.

Front 21

Structural unemployment

Back 21

A form of unemployment resulting from a situation where people are unemployed due to a structural change in production and their skills are no longer required for the production process. It can occur at any time of the business cycle.

Front 22

Seasonal unemployment

Back 22

When there is a limited need for a type of work to be performed during a particular period during the year based on factors like deadlines or climate.

Front 23

Hard core unemployed

Back 23

Unemployed due to personality or circumstances that make an individual unattractive to pay

Front 24

Long term unemployed

Back 24

Those who have been unable to find work for over 12 months and are still looking.

Front 25

Multiplier effect

Front 26

Decrease in aggregate demand

Back 26

- Consumer confidence

- Economic growth with major trading partners

- Interest rates

- The exchange rate

Front 27

Natural unemployment

Back 27

There will continue to be unemployment even during times of strong aggregate demand. This arises in the economy due to structural, seasonal, frictional and hard core factors. In Australia is around 5 per cent unemployment.

Front 28

Aggregate demand & unemployment

Back 28

The demand for labour is considered to be a derived demand as it is derived from the demand for goods and services.

Front 29

Full employment

Back 29

When those who are willing and able to find work can do so. In Australia, it is between 4.5 to 5%

Front 30

Aggregate demand - monetary policy

Back 30

Cash rate. If the unemployment rate is above 2 to 3% (full employment) the RBA may decrease the cash rate, thereby reducing interest rates.

Front 31

Aggregate demand - budgetary policy

Back 31

Decreasing taxes and increasing government spending on things such as infrastructure.

Front 32

Aggregate supply policies

Back 32

Vocational education and training

Welfare reform

Taxation reform

Labour market reform

Trade liberalisation

Front 33

Vocational education and training

Back 33

Assisting member of society who are structurally unemployed by giving them skills that are required in the workforce.

Front 34

Welfare reform

Back 34

Over time the government has changed their welfare policies due to concern that it has brought about little incentive to work. Major changes include the concept of mutual obligation (those who have been unemployed for more than 6 months) and making it more difficult for single parents and the disabled to receive welfare payments.

Front 35

Taxation reform

Back 35

Alteration to the mix of taxes that are levied on households and businesses in the economy. Includes the GST, lovering income tax rates.

Front 36

Labour market reform

Back 36

Currently decentralised but heading more towards centralised. Enterprise bargaining involves the employer and employee negotiating wages and conditions based on the productivity gains that have been achieved.

Front 37

Trade liberalisation

Back 37

Removing barriers to trade that give Australian industries an artificial competitive advantage when compared to imports into Australia. Less protection from overseas competitors exposes Australian firms to greater competitive pressures.

Front 38

Material living standards

Back 38

Focused on material possessions, i.e. things that you can physically reach out and touch. Your material standard of living would included possessions such as the car(s) that you can afford, the house that you can afford, the clothes, the furniture, the electrical goods, etc.

Front 39

Non material living standards

Back 39

Focus on things that you can't physically reach out and touch, so to speak. That might be the environment that you live in, the climate, the local amenities, the local customs and laws, etc.

Front 40

Nature of living standards

Back 40

Both material and non material things affect how we feel about our status in society and also affect how happy we are in general.

Front 41

Australia's changing population

Back 41

The IGR projects that over the next 40 years, the proportion of the population over 65 years will almost double to around 25 per cent. At the same time, growth in the population of traditional workforce age is expected to slow to almost zero.

Front 42

Population change

Back 42

Population change refers to alterations in the human characteristics of a society. It can encompass issues such as population growth, movement into or out of a country (immigration and emigration), movement within a country (internal migration), and demographic changes.