Employment (OCR A-Level Economics): Flashcards
📚Flashcards
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Practise the cards
15 cards from this deck
Define unemployment
Define unemployment
Working age people actively seeking work but unable to find employment
Define full employment
Define full employment
All labour efficiently used; only frictional/structural unemploy.
What is the labour force?
What is the labour force?
Total employed or actively seeking work
Cyclical unemployment cause
Cyclical unemployment cause
Lack of demand in economy, typically during recession
Structural unemployment cause
Structural unemployment cause
Skills mismatch between workforce and employer needs
Frictional unemployment
Frictional unemployment
Short-term from matching workers with jobs; people moving between jobs
Seasonal unemployment
Seasonal unemployment
Lower labour demand at certain times of year (tourism, agriculture)
Natural rate of unemployment
Natural rate of unemployment
Equilibrium unemployment; includes frictional & structural only
Define underemployment
Define underemployment
Employed but not in desired capacity (hours or skills)
LFS unemployment definition
LFS unemployment definition
No job, seeking work (past 4 wks), available to start (next 2 wks)
LFS sample size
LFS sample size
About 40,000 households
Claimant Count measures
Claimant Count measures
People claiming unemployment benefits (JSA/Universal Credit)
LFS vs Claimant Count frequency
LFS vs Claimant Count frequency
LFS quarterly; Claimant Count monthly
High unemployment effects
High unemployment effects
Lower income, reduced spending, increased poverty & inequality
Full employment policy benefits
Full employment policy benefits
Higher output, better living standards, more tax revenue