Unemployment The definition economists use for unemployment is: Those of working age who are without work, but who are available for work at current wage rates. In the UK there are two types of unemployment: Claimant unemployment Definition: those in receipt of unemployment-related benefits. Current rate: 0.97million (September 2014) [source: www.bbc.co.uk/news/10604117 ] Standardised unemployment rate Definition: People who are without work, available to start work within two weeks and actively seeking employment or waiting to take up and appointment. Current number unemployed: 1.97m (August 2014) [source: www.bbc.co.uk/news/10604117 ] Percentage unemployed: 3.05% Unemployment can be expressed as a number or percentage. 3.05% Calculation: 1 / population total who are employed + unemployment figure x 100 Fewer people in work means that less spending. Government spends more on benefits. Source: BBC
Definitions for various terms used in economics. Definitions include things like unemployment.Unemployment can be split into types of unemployment and this explains what they are and how they are calculated.
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Unemployment
The definition economists use for unemployment is:Those of
working age who are without work, but who are available for work at
current wage rates.In the UK there are two types of
unemployment:Claimant unemploymentDefinition: those in receipt of
unemployment-related benefits. Current rate: 0.97million (September
2014) [source: www.bbc.co.uk/news/10604117] Standardised
unemployment rateDefinition: People who are without work, available
to start work within two weeks and actively seeking employment or
waiting to take up and appointment. Current number unemployed:
1.97m (August 2014) [source: www.bbc.co.uk/news/10604117]Percentage
unemployed: 3.05%Unemployment can be expressed as a number or
percentage. 3.05%
Calculation:1 / population total who are employed + unemployment
figure x 100
Fewer people in work means that less spending. Government spends
more on benefits.
