Unemployment

Question 1

Employed

Answer 1

A person who is working and has been paid for one hour or more in their job, business or firm.

Question 2

Unemployed

Answer 2

Someone who is willing and able to work but cannot find a job.

Question 3

Underemployment

Answer 3

When people are employes but would like to and are avaliable to work more hours

Question 4

Not employed

Answer 4

People who are not actively looking for work and not avaliable to start work, (known as discoruraged jobseekers or the hidden employed).

Question 5

Labor Force

Definition

Answer 5

All potential workers in Australia. It includes people who are employes as well as those who are unemployed but actively seeking employment

Question 6

Unemployment Rate

Definition

Answer 6

Measures the percentage of the labor force that is unemployed

Question 7

Structural Unemployment

Answer 7

Occurs because of structural changes within the economy caused by changes in technology or the pattern of demnd for goods and services

Question 8

Cyclical Unemployment

Answer 8

Occurs with changes in economic activity over the business cycle

Question 9

Frictional Unemployment

Answer 9

People who are temporarily unemployed as they change jobs

Question 10

Inflation

Answer 10

Is a persistent and appreciable rise in the general level of prices.

Question 11

Consumer Price Index

Answer 11

Measured by calculating the average percentage price increases of a ‘basket’ of consumer items typically used by Australian households