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Economics Assignment Question
Your manager has asked you to prepare a 1,000 word report on unemployment in the Australian labour market. In preparing your report, your manager has asked you to:
- Explain what determines if a person is in the labour force?
- Distinguish an unemployed person from one who is not in the labour force?
- Describe the trends and fluctuations in the unemployment rate in Australia from 1980 to 2014 (the data can be downloaded from the Australian Bureau of Statistics).
- Describe the differences between fictional unemployment, structural unemployment, and cyclical unemployment
- Outline the economic and social costs associated with unemployment.
Economics Assignment Solution
Unemployment is the most arguable policy issue that is presently faced by the government of any country. It is observed that most of the economy in the world has an unemployment rate of a minimum of 8%. A country with an unemployment rate of less than 8% is defined to be a well-developed country with proper implementation of the policies to balance the economy of the country. Out of all economic problems, unemployment has been defined to be the most devastating and persistent problem of any economy (Haugen and Musser, 2011).
Unemployment in Australia: definitions and trends
The unemployment in Australia can be defined as for encompassing of all people how are above 15 years of age and have not undertaken any paid work during the survey. They may have worked before or after the survey. To define long term unemployment, we can consider the population that is unemployed for around 52 weeks or more (Chindamo and Uren, 2010). The present unemployment rate in Australia is 6%.
If we look into the last five years data, it can be seen that the unemployment rate in Australia has varied from 4.9% to 6.3% from 2010 to 2015. Growth can be observed in the unemployment rate of the country. Hence, the government policies for control employment rate in the country are not working well. The rising population and the scarcity of job is the major reason for the growth of unemployment in the Australian economy.
Major Types of Unemployment
3.1 Cyclical Unemployment
Cyclical unemployment occurs due to the ups and downs in the economy. It goes in a cycle with the changing economy of the country. The jobs lost due to the recession in the economy are termed as cyclical unemployment (Bårdsen, Hurn and McHugh, 2012). If we consider the unemployment rate in Australia in the year 2009, we can see that the country has faced unemployment of around 6% due to the ongoing recession in the global market. But with the development of the economy in the year 2010 and 2011,
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