Employment and Unemployment (Leaving Cert Economics): Flashcards
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Define: Labour force
Define: Labour force
People employed or actively seeking employment
What does employment rate measure?
What does employment rate measure?
% of working-age population with jobs
Ireland employment rate 15-64 (recent)
Ireland employment rate 15-64 (recent)
74-75%
What does unemployment rate measure?
What does unemployment rate measure?
% of labour force without work but seeking it
Ireland unemployment rate (2022-25)
Ireland unemployment rate (2022-25)
Mid-4% range
Youth unemployment in Ireland (15-24)
Youth unemployment in Ireland (15-24)
Around 12%
Cyclical unemployment cause
Cyclical unemployment cause
Economic downturns when aggregate demand falls
Structural unemployment cause
Structural unemployment cause
Mismatch between workers' skills & job opportunities
Frictional unemployment nature
Frictional unemployment nature
Natural time lag between leaving & finding jobs
Seasonal unemployment affects
Seasonal unemployment affects
Industries with predictable annual fluctuations
Number of main unemployment types
Number of main unemployment types
Seven
MRP (Marginal Revenue Product)
MRP (Marginal Revenue Product)
Additional revenue from hiring one more worker
MRP hiring rule
MRP hiring rule
Hire if MRP > wage cost; don't if MRP < wage cost
Labour demand curve slope
Labour demand curve slope
Downward
Consistent poverty: unemployed vs employed (2023)
Consistent poverty: unemployed vs employed (2023)
9.4% unemployed vs 1.5% employed