Test Your Knowledge on Australia's Labor Market and Employment Trends

<p>Frictional unemployment</p> Signup and view all the answers

<p>35-64</p> Signup and view all the answers

<p>Institutional unemployment</p> Signup and view all the answers

<p>Structural unemployment</p> Signup and view all the answers

<p>Institutional unemployment</p> Signup and view all the answers

<p>People who are unemployed and actively seeking employment</p> Signup and view all the answers

<p>Structural unemployment</p> Signup and view all the answers

<p>Structural and cyclical causes</p> Signup and view all the answers

<p>88,800</p> Signup and view all the answers

<p>Departure of migrants</p> Signup and view all the answers

<p>2.666%</p> Signup and view all the answers

<p>94.1</p> Signup and view all the answers

<p>Institutional unemployment = Long term unemployment caused by government policies Cyclical unemployment = People who gain short-term employment when there is high demand for their work but do not stay when there is medium-low demand Structural unemployment = People who are formally a part of the workforce who were put out of work due to technological advancements, phasing out of a job or entire industry and automation Frictional unemployment = People voluntarily leaving a company and becoming temporarily unemployed</p> Signup and view all the answers

<p>Global economic environment = Influence on structural and cyclical causes of underemployment and unemployment Government policy = Cause of institutional unemployment Black swan events = Unexpected incidents leading to sudden changes in the labor market COVID-19 restrictions = Rapid recovery of the labor market due to government actions and economic stimuli</p> Signup and view all the answers

<p>July 2020 = 7.48% July 2021 = 4.65% During covid-19 restrictions = Rapid recovery due to government actions and economic stimuli Migrant workers leaving Australia = Excluded from government financial support, leading to a decrease in unemployment</p> Signup and view all the answers

<p>Institutional unemployment = Long term unemployment caused by government policies Cyclical unemployment = People who gain short-term employment when there is high demand for their work but do not stay when there is medium-low demand Structural unemployment = People who are formally a part of the workforce who were put out of work due to technological advancements, phasing out of a job or entire industry and automation Frictional unemployment = People voluntarily leaving a company and becoming temporarily unemployed</p> Signup and view all the answers

<p>Global economic environment = Influences structural and cyclical causes of unemployment Government policy = Can lead to institutional unemployment Technological advancements = Can lead to structural unemployment Voluntary leaving = Can lead to frictional unemployment</p> Signup and view all the answers

<p>15 to 64 years old = Defined as unemployed if they are unemployed and actively seeking employment Below 15 years old = Not mentioned in the definition of unemployment Above 64 years old = Not mentioned in the definition of unemployment All age groups = Not a correct match</p> Signup and view all the answers

<p>Unemployment rate = Indicates the number of people in the labor force who are unemployed and actively seeking employment Underemployment rate = Indicates the number of people who are working less hours than they would like to Economy's health = Measured by the ability or failure of an economy to use spare capacity in its workforce Spare capacity in workforce = Indicates an economy's potential for increased production</p> Signup and view all the answers

<p>Institutional unemployment = Long term unemployment caused by government policies Cyclical unemployment = People who gain short-term employment when there is high demand for their work but do not stay when there is medium-low demand Structural unemployment = People who are formally a part of the workforce who were put out of work due to technological advancements, phasing out of a job or entire industry and automation Frictional unemployment = People voluntarily leaving a company and becoming temporarily unemployed</p> Signup and view all the answers

<p>Unemployment and underemployment rates = Crucial markers of an economy's health Unemployment is defined as = Those in the labor force between the ages of 15 and 64 who are unemployed and actively seeking employment Increase in underemployment and unemployment = Owing to structural and cyclical causes influenced by the global economic environment, government policy, and black swan events Unemployment falls into four distinct categories = Institutional, cyclical, structural, and frictional unemployment</p> Signup and view all the answers

<p>Unemployment rate = Percentage of the labor force that is jobless and actively seeking employment Underemployment rate = Percentage of the labor force that is employed but not to their full capacity or in their field of training Spare capacity in the workforce = The ability or failure of an economy to use all available human resources Unemployment and underemployment rates = Crucial markers of an economy's health</p> Signup and view all the answers

<p>Global economic environment = International factors that influence the performance of economies Government policy = Decisions made by government entities that influence economic conditions Black swan events = Unpredictable and rare events that have severe consequences Structural causes = Long-term changes in an economy that affect demand and supply of labor</p> Signup and view all the answers

<p>Institutional unemployment = Long term unemployment caused by government policies Cyclical unemployment = People who gain short-term employment when there is high demand for their work but do not stay when there is medium-low demand Structural unemployment = People who are formally a part of the workforce who were put out of work due to technological advancements, phasing out of a job or entire industry and automation Frictional unemployment = People voluntarily leaving a company and becoming temporarily unemployed</p> Signup and view all the answers

<p>July 2021 to February 2022 = Underemployment rate dropped from 9.088% to 6.422% April = Hours of work in New South Wales and Queensland increased following the impacts of the floods in March 2020-21 = Australia recorded a net loss of 88,800 people due to the impact of COVID on overseas migration January 2022 = The average amount of hours worked was 94.1</p> Signup and view all the answers

<p>Skills shortage in Australia = Departure of migrants due to the impact of COVID Increase in hours worked = Recovery from the impacts of the floods in March Decrease in underemployment rate = Rebound of Australia's economy Potential rise in unemployment rate = High energy prices, shortages of supplies and the RBA policy of interest rate increases to curb inflation</p> Signup and view all the answers

<p>April = Not specified 2020-21 = Not specified January 2022 = 94.1 February 2022 = 103.6</p> Signup and view all the answers

<p>Institutional unemployment = Long term unemployment caused by government policies Cyclical unemployment = People who gain short-term employment when there is high demand for their work but do not stay when there is medium-low demand Structural unemployment = People who were put out of work due to technological advancements, phasing out of a job or entire industry and automation Frictional unemployment = People voluntarily leaving a company and becoming temporarily unemployed</p> Signup and view all the answers

<p>COVID-19 restrictions = Rapid recovery of the labor market due to government actions and economic stimuli Bar on skilled emigrants = Labor market shortages precipitated a sharp decline in unemployment Shutdowns and lack of work = Many migrants left Australia Exclusion of migrants from government financial support = Many migrants left Australia</p> Signup and view all the answers

<p>7.48% = Unemployment rate in July 2020 4.65% = Unemployment rate in July 2021</p> Signup and view all the answers

<p>Institutional unemployment = Long term unemployment caused by government policies Cyclical unemployment = People who gain short-term employment when there is high demand but do not stay when demand is medium-low Structural unemployment = People who are put out of work due to technological advancements, phasing out of a job or entire industry and automation Frictional unemployment = People voluntarily leaving a company and becoming temporarily unemployed</p> Signup and view all the answers

<p>Institutional unemployment = 15 and 64 Cyclical unemployment = 15 and 64 Structural unemployment = 15 and 64 Frictional unemployment = 15 and 64</p> Signup and view all the answers

<p>Institutional unemployment = Unemployed and actively seeking employment Cyclical unemployment = Unemployed and actively seeking employment Structural unemployment = Unemployed and actively seeking employment Frictional unemployment = Unemployed and actively seeking employment</p> Signup and view all the answers

<p>Institutional unemployment = Increase in underemployment and unemployment Cyclical unemployment = Increase in underemployment and unemployment Structural unemployment = Increase in underemployment and unemployment Frictional unemployment = Increase in underemployment and unemployment</p> Signup and view all the answers

<p>Net loss of 88,800 people due to COVID impact on overseas migration = 2020-21 Underemployment rate dropped from 9.088% to 6.422% = July 2021 to February 2022 Average amount of hours worked increased from 94.1 to 103.6 = January 2022 to February 2022 Number of people working fewer hours due to bad weather dropped from over 500,000 to around 70,000 = March to April</p> Signup and view all the answers

<p>Departure of migrants = Led to a skills shortage COVID-19 pandemic = Caused a net loss of 88,800 people due to impact on overseas migration The war in Ukraine = Impacted an already broken supply chain, pushing up inflation and cost of living Floods in March = Caused an increase in working hours in New South Wales and Queensland in April</p> Signup and view all the answers

<p>Institutional unemployment = Long term unemployment caused by government policies Cyclical unemployment = People gaining short-term employment when there is high demand but not staying when there is medium-low demand Structural unemployment = People put out of work due to technological advancements, phasing out of jobs or entire industry and automation Frictional unemployment = People voluntarily leaving a company and becoming temporarily unemployed</p> Signup and view all the answers

<p>Measuring the ability or failure of an economy to use spare capacity in its workforce = Unemployment and underemployment rates The number of people working fewer hours than usual due to bad weather = Impact of weather conditions on employment The rate of underemployment has dropped from 9.088% to 6.422% = Underemployment rate The average amount of hours worked has risen from 94.1 in January of 2022 to 103.6 = Average amount of hours worked</p> Signup and view all the answers

<p>Institutional unemployment = Long term unemployment caused by government policies Cyclical unemployment = People who gain short-term employment when there is high demand for their work but do not stay when there is medium-low demand Structural unemployment = People who are formally a part of the workforce who were put out of work due to technological advancements, phasing out of a job or entire industry and automation Frictional unemployment = People voluntarily leaving a company and becoming temporarily unemployed</p> Signup and view all the answers

<p>Long term unemployment caused by government policies = Institutional unemployment People who gain short-term employment when there is high demand for their work but do not stay when there is medium-low demand = Cyclical unemployment People who are formally a part of the workforce who were put out of work due to technological advancements, phasing out of a job or entire industry and automation = Structural unemployment People voluntarily leaving a company and becoming temporarily unemployed = Frictional unemployment</p> Signup and view all the answers

<p>Institutional unemployment = A government policy that increases the minimum wage leading to fewer job opportunities Cyclical unemployment = A seasonal worker laid off in the off-season Structural unemployment = A factory worker laid off due to automation Frictional unemployment = A professional who quits their job to look for a better one</p> Signup and view all the answers

<p>Technological advancements and automation = Structural unemployment Government policies = Institutional unemployment Medium-low demand for work = Cyclical unemployment Voluntarily leaving a company = Frictional unemployment</p> Signup and view all the answers