Unemployment Concepts and Measurements

A situation where everyone who wants a job can find one at current wage levels.

Those currently engaged in work in return for payment.

Those who are not working, but are available for work and actively seeking employment.

All those who are employed.

All those who are available for work, including those actively seeking employment and those currently employed.

The proportion of the labour force who are currently unemployed.

When a worker's skills or time isn't being used to their full potential, e.g., a highly qualified person working in a less demanding job.

A situation where an individual's skills are no longer needed for available jobs due to technological advancements or industry shifts.

Government-funded programs designed to help unemployed individuals acquire new skills or upgrade existing ones, aiming to make them more competitive in the labor market.

The temporary unemployment experienced by individuals who are between jobs, searching for a new one, or entering the workforce for the first time.

Unemployment specifically related to seasonal fluctuations in demand for goods or services, typically affecting industries like tourism and agriculture.

Unemployment stemming from a decline in overall economic activity, leading to decreased demand for goods and services, resulting in job losses.

The minimum wage, set by the government, establishes the lowest hourly rate an employer can legally pay their workers.

Social insurance contributions paid by employers in addition to employee contributions, added to labor costs and potentially dampening hiring decisions.

The central bank's adjustment of interest rates, often during periods of inflation, potentially impacting economic activity and employment levels.

Fluctuations in exchange rates can influence the cost of exports and imports, potentially affecting competitiveness and leading to employment changes in export-oriented industries.

Periods of uncertainty, such as economic crises or pandemics, can lead to businesses delaying investment and consumers reducing spending, leading to lower employment levels due to pessimistic economic outlook.

The relocation of companies, often multinationals, from one location to another, driven by factors like lower production costs or government incentives, leading to employment losses in the original location.

The period from the mid-1990s to 2007, marked by significant economic growth and employment expansion in Ireland, driven by factors like foreign direct investment and low wage rates.

The economic downturn that started in 2008, characterized by a sharp decline in access to credit, a surge in bad debts, and a collapse in the construction industry, leading to high unemployment.

The period from 2008 to 2013 in Ireland, marked by a severe economic recession, high unemployment, and substantial government spending on bank bailouts.

A period of time when a government intentionally reduces its spending and increases its revenue in order to improve its financial position.

A situation where a country's economy shrinks for two consecutive quarters, indicating a decline in economic activity.

The total amount of money that individuals and businesses spend on goods and services.

A group of institutions that work together to stabilize a country's economy during a crisis. In Ireland's case, it included the IMF, European Commission, and ECB.

The process of attracting foreign companies to invest in a country, creating jobs and boosting the economy.

A situation where a country's currency falls in value compared to other currencies, making its exports cheaper and imports more expensive.

A reduction in the value of a country's assets, such as property or stocks.

A situation when a company or individual is unable to pay back their debts and faces financial ruin, often leading to bankruptcy.

The difference between a government's spending and its revenue, with a deficit occurring when spending exceeds revenue.

The process of workers leaving their home country to find jobs in another country, often due to economic hardship or lack of opportunities.

The loss of skilled and educated workers from a country, often due to emigration, leading to a depletion of human capital.

A measure of the difference between the income of the richest and the poorest in a society.