unemployment (L3) Flashcards
unemployment
people willing and able to work but don’t have a job
human capital
skill set/knowledge of workers that holds economic value
unemployment scarring
more likely to be unemployed in the future which can lead to wage scarring in the youth
LFS
labour force survey conducted by ONS
divides the population into working age population and people under 16 or in institutional care
working age population
work force
economically inactive
workforce
have a job/willing and able to get one
economically inactive
don’t want a job
economically active
employed/unemployed
to be classed as unemployed what categories must the person be in
available to work for 2 weeks and…
-has made efforts to find a job in the past 4 weeks
-waiting to be called back to a job they were laid off of
-waiting to start a new job in 30 days
what 3 indicators does ONS calculate
unemployment rate
employment rate
economic activity rate
unemployment rate
number unemployed/work force x 100
no of employed: 30 million
unemployed: 1.8 million
working-age population: 40.8 million
find the unemployment rate
1.8m/(30m+1.8m) x100=5.7%
employment rate
no of employed/ working age population x100
shows how many have jobs
economic activity rate
workforce/ working-age population x100
shows who is economically active
types of unemployment
frictional
structural
cyclical
natural
