A Brief Note On Unemployment And The Australian Economy Essay
Let me first define unemployment rate. It is the percentage of people in the labour force who are unemployed.
This is a popular measure around the world for tracking the nation 's economic health and stability as it eliminates people who are not joinging the labour force and it is not directly influenced by population growth.
It is measured primarily by making an account of those people who are ready to enter into paid work and have recently taken active steps to find a job. It does not reflect a wider group of people whose aspirations for work are not being fully met because they are working fewer hours than they would like that is taking into consideration who are underemployed and they are quite a number around.
2. Analysed the causes of unemployment in the Australian economy.
Unemployment can be Frictional which is a natural form of unemployment experienced when workers are between jobs. After losing a job, a person is considered unemployed until he finds another. Another form of would be structural unemployment which is caused by changes in industry. If new technology makes a job unnecessary, or a demand for workers in a field goes down, then workers in that field will lose their jobs. Another form of this is outsourcing, in which companies move jobs elsewhere to a place where labor costs are lower. Finally, Cyclical unemployment is caused by natural changes in the economy. If the economy is growing, more workers…