View
215
Download
2
Tags:
Embed Size (px)
Citation preview
Underemployment
When individuals are employed but are working less hours than they would like or in
positions below their skill level
Frictional Unemployment
Short term unemployment that occurs when people are between jobs, or they have left education are are awaiting their first job.
Structural Unemployment
Occurs when there is a permanent fall in the demand for a particular type of labour.
Seasonal Unemployment
When the demand for labour in certain industries falls at certain times of the year.
Cyclical Unemployment
Results from a insufficient level of aggregate demand. (and stickiness of wages) Cyclical
unemployment increases as the economy moves deeper into recession
Involuntary Unemployment
People who are prepared to work at the going wage rate but who cannot find a job.
Voluntary Unemployment
People who have no job because the wage rate is not sufficiently high, but will look for
work once wage rates increase.
Total Labour Force
Potential amount of people who would work within the working ages of 18 and the national age of retirement, usually 65.