Labour
Force
Force
'The labour force is the total number of people in the economy who are willing to work' What is missing
What is 'willing and able to work'
a situation in which all available labor resources in an economy are being utilized to their maximum potential
What is Full employment
Formula for Unemployment Rate
What is
Number of Persons Unemployed x 100
Labour Force
GDP loss and lower tax revenue are examples of these costs.
What are economic costs of unemployment?
This type of government policy uses spending and taxation to stimulate demand and create jobs.
What is fiscal policy?
Unemployment that results from a mismatch between worker qualifications and the characteristics employers require
What is STRUCTURAL UNEMPLOYMENT
Percentage of the labour force that is willing and able to work, but cannot find employment.
What is unemployment rate
This type of cost includes increased crime, stress, and family breakdowns from unemployment.
What are social costs of unemployment
This term refers to the ability of workers to move between jobs, industries, or geographic areas in response to changes in demand.
What is labour mobility?
The case of college graduates engaged in job searches is a good example of this unemployment.
What is FRICTIONAL UNEMPLOYMENT
Jamaica's Figures of Unemployed Persons
What is 50,000
When unemployment rises, businesses may delay investment due to reduced consumer demand. This results in a long-term decline in what key economic indicator?
What is economic growth?
When the labour force is growing faster than the economy can create jobs, it leads to this issue.
What is a surplus in labour
Caused by economic downturns or recessions that reduce demand for goods and services
What is CYCLICAL UNEMPLOYMENT
Jamaica's Figures of the Current Labour Force
What is 1,494,400
Social and Economic costs associated with seasonal unemployment include
Workers face unstable income and job insecurity
Communities that rely on social industries suffer in off seasons
Reduced economic activity in certain months
These two components make up the labour force.
What are employed and unemployed persons
Common in agriculture or informal sectors, this occurs when there are more workers employed that are necessary
What is HIDDEN UNEMPLOYMENT
Jamaica’s Current Unemployment Rate
What is 3.3%
When unemployed individuals lose access to employer-based benefits such as healthcare and retirement savings, it can result in Having to choses either. These are classified under what type of economic consequence?
What are opportunity costs