Measuring the Level of Unemployment (HSC SSCE Economics): Flashcards
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Labour force definition
Labour force definition
People 15+ working or actively seeking work
Min hours/week to be classified as employed
Min hours/week to be classified as employed
1 hour per week
Criteria for being classified as unemployed
Criteria for being classified as unemployed
15+, available for work, actively seeking employment
Labour force participation rate formula
Labour force participation rate formula
(Labour force/Working-age pop 15+) × 100
Unemployment rate formula
Unemployment rate formula
(Unemployed/Total labour force) × 100
Australia's labour force size (2023)
Australia's labour force size (2023)
Approximately 14.5 million people
Australia's unemployment rate (June 2023)
Australia's unemployment rate (June 2023)
3.5%
Underemployment definition
Underemployment definition
Employed but working fewer hours than desired, available for more
Hidden unemployment definition
Hidden unemployment definition
Discouraged jobseekers who stopped looking, not counted
Labour force underutilisation rate measures
Labour force underutilisation rate measures
Unemployed + underemployed combined