Economics SAC Flashcards
1
Q
Natural unemployment
A
Is caused by changing supply-side conditions that change the way firms organise production
2
Q
Seasonal unemployment
A
Results from the termination of jobs at the same time each year due to the regular change in the seasons
3
Q
Cyclical unemployment
A
Is only occurring when national spending and production levels are weak as during recessions or depressions
4
Q
Frictional unemployment
A
Exists when people are unemployed between finishing one job and starting another
5
Q
Unemployment rate
A
Total number of unemployed X 100
Over total number in the labour force
6
Q
Participation rate
A
Represents the proportion of all Australians aged over 15 years who are members of the labour force
