underemployment when individuals are employed but are working less hours than they would like or in...
Post on 22-Dec-2015
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Underemployment
When individuals are employed but are working less hours than they would like or in
positions below their skill level
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Frictional Unemployment
Short term unemployment that occurs when people are between jobs, or they have left education are are awaiting their first job.
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Structural Unemployment
Occurs when there is a permanent fall in the demand for a particular type of labour.
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Seasonal Unemployment
When the demand for labour in certain industries falls at certain times of the year.
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Cyclical Unemployment
Results from a insufficient level of aggregate demand. (and stickiness of wages) Cyclical
unemployment increases as the economy moves deeper into recession
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Involuntary Unemployment
People who are prepared to work at the going wage rate but who cannot find a job.
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Voluntary Unemployment
People who have no job because the wage rate is not sufficiently high, but will look for
work once wage rates increase.
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Total Labour Force
Potential amount of people who would work within the working ages of 18 and the national age of retirement, usually 65.