Employment and Unemployment (Edexcel A-Level Economics A): Flashcards

Everyone who is either employed or unemployed

Full employment doesn't mean zero unemployment

UK Labour Force Survey (~60,000 households)

$\frac{\text{Unemployed}}{\text{Total workforce}} \times 100$

Unemployment while workers transfer between jobs

Skills mismatch between declining & growing sectors

Unemployment during recession/business cycle downturn

Employed in 2nd-choice job or part-time when prefer full-time

Want to work at going wage but can't find employment

Lower tax revenues & higher benefit spending