Low Unemployment

Question 1

Employment

Answer 1

When people who are willing and able to work can find a job

Question 2

Unemployment

Answer 2

When people who are willing and able to work cannot find a job

Question 3

Claimant count

Answer 3

A measurement of unemployment using the number of people who claim unemployment-related benefits

Question 4

Types of unemployment

Answer 4

Different causes of workers being unable to find a job

Question 5

Cyclical unemployment

Answer 5

Workers without employment due to a fall in the demand for goods and services

Question 6

Frictional unemployment

Answer 6

Workers without employment as they move from one job to another

Question 7

Seasonal unemployment

Answer 7

Workers without employment due to decrease in demand at certain times of the year

Question 8

Structural unemployment

Answer 8

Unemployment due to the decline of an industry

Question 9

how to calculate unemployment rate

Answer 9

number of unemployed/workforce x 100

Question 10

benefits of unemployment

Answer 10

easier to recruit
international competitiveness
inflation

Question 11

costs of unemployment for individuals

Answer 11

lower standard of living
lower income
excluded workers
tax increases

Question 12

costs of unemployment for government

Answer 12

lower output than potential
budget deficit (government spending is more than taxation)
cycle of increasing unemployment

Question 13

costs of unemployment for regions

Answer 13

regional standard of living