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10 Cards in this Set
- Front
- Back
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What is employment |
The use of labour in the economy to produce goods and services |
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What is unemployment |
When workers who want to work or unable to find employment |
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How can unemployment be measured |
The claimant count - the number of people claiming job seekers allowance JSA |
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Why could the claimant count in inaccurate measure of unemployment |
Not all people who are unemployed available to receive job seekers allowance |
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How can you calculate unemployment |
Unemployment rate = (number of unemployed divided by the workforce) x 100 |
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What are the four types of unemployment |
Seasonal - where unemployment is due to a job only being available at certain times, cyclical - unemployment caused by a lack of demand in the economy such as a recession, frictional - when people leave a job but don't immediately get a new one, structural - unemployment caused by permanent decline of an industry or automation |
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Who benefits from unemployment and how |
Firms - Unemployment keeps wages low, so profits higher | High unemployment means more labour choice for firms |
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How does unemployment affect individuals |
Poverty, homelessness, unhappiness, lower living standards (benefits still less than wage), tax payers pay more to help benefits |
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How does unemployment effect government |
Budget deficit (fewer people paying tax, so not able to spend as much), labour resources being wasted, likelihood of cyclical unemployment due to recession |
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How does unemployment effect regions? |
Unemployment spread unevenly across the country, so 'depressed areas' form, with low value land, high unemployment and high crime |
