The Causes of Unemployment (HSC SSCE Economics): Flashcards
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Type of demand that labour demand is
Type of demand that labour demand is
Derived demand
Growth % below which unemployment rises
Growth % below which unemployment rises
Approximately 2% per year
Growth % above which unemployment falls
Growth % above which unemployment falls
Above 3% per year
Time lag: economic activity to peak unemployment impact
Time lag: economic activity to peak unemployment impact
Approximately 2 years
Unemployment type affected by business cycle
Unemployment type affected by business cycle
Cyclical unemployment
% of Australian workers in services sector
% of Australian workers in services sector
More than three-quarters
Manufacturing employment % (1991 to 2023)
Manufacturing employment % (1991 to 2023)
13.8% to 6.5%
AI job losses predicted by 2030 (Australia)
AI job losses predicted by 2030 (Australia)
Up to 1.5 million
Automation vs trade job loss ratio
Automation vs trade job loss ratio
Approximately 2:1 (automation causes twice as many)
Structural unemployment meaning
Structural unemployment meaning
Mismatch between worker skills & job requirements