The Impacts of Unemployment (HSC SSCE Economics): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Where economy operates when unemployment is high
Where economy operates when unemployment is high
Below its production possibility frontier
Hysteresis in unemployment
Hysteresis in unemployment
Current unemployment causes future unemployment via skill loss
Downward stickiness of wages
Downward stickiness of wages
Wages don't easily fall despite high unemployment
Youth unemployment rate vs general population
Youth unemployment rate vs general population
Up to 3 times higher
Underutilisation rate for 15-19 year olds (June 2023)
Underutilisation rate for 15-19 year olds (June 2023)
33.8%
Employment rate of Indigenous Australians
Employment rate of Indigenous Australians
49.1%
Proportion of Australian families jobless (June 2022)
Proportion of Australian families jobless (June 2022)
One in five
15-24: % of workforce vs % of COVID job losses
15-24: % of workforce vs % of COVID job losses
14% of workforce, 55% of job losses
How unemployment affects government budget
How unemployment affects government budget
Lower tax revenue & higher spending cause budget to deteriorate
High school completion: 1980s vs now
High school completion: 1980s vs now
One in three then, four in five now