In this topic you will learn to: Examine economic issues
• investigate the economic and social problems created by unemployment
Apply economic skills
• calculate the unemployment rate and the participation rate using labour force statistics
You will learn about:
• measurement – labour force – participation rate – unemployment rate • trends • types and causes – cyclical – structural – frictional – seasonal – underemployment – hidden – long term • non-accelerating inflation rate of unemployment (NAIRU) • main groups affected by unemployment • effects of unemployment – economic and social costs
Choose a topic, and using the clips below, your textbook and online resources as stimulus, investigate the key questions for each topic and prepare a short presentation for the class.
Define unemployment and discuss how it is measured. Use statistics from the Australian Bureau of Statistics. ABS. Explain how official statistics may underestimate the true extent of unemployment.
Outline the recent trends in unemployment in Australia.
Types of Unemployment
Discuss the main types of unemployment and how to identify them.
Causes of Unemployment
Outline the economic factors that contribute to unemployment.
Explain NAIRU and its significance for economic policy-makers.
Groups Affected by Unemployment
Identify which groups in Australian society tend to experience higher levels of unemployment.
Effects of Unemployment
Outline the social and economic costs of persistent unemployment.
Outline economic policies that could reduce unemployment in Australia.