Types of Unemployment
This type of unemployment happens when people don't have the skills to fill job vacancies
What is structural unemployment
The unemploiyment rate is usually expressed as this.
What is a percentage?
This number tells us the value of all goods and services produced in a country in one year.
What is GDP?
The limit under which people are considered poor
What is the poverty threshold?
A ski instructor is an example of this kind of unemployment
What is seasonal unemployment?
The number of people working or looking for work is referred to as this.
What is the labor force?
This number tells us how efficiently resources are being used to create goods and services
What is productivity?
When people can't afford to pay for the basics in life - food, accommodation and transport
What is poverty?
Rupert Murdoch created larege number of unemployed people in this category when he changed newspaper printing from hot metal to a computerised system
This person used to work but is now no longer considerd part of the labor force
What is a retired person?
Drug dealing and black market operations are two of this kind of economic activity.
What is underground activity?
Payments and other services from the government for poor people
What is welfare?
Abdulla has just left university and is looking for a job.
What is frictional unemployment?
People who want to work but cannot find a job are considered this
What is unemployed?
If I want to know how GDP is affected by inflation, I should use this statistic.
What is Real GDP?
The percentage of people who are considered poor
What is the poverty rate?
The economy has taken a downturn and Meera is struggling to find a job.
What is cyclical unemployment?
The number of unemployed people plus the number of employed people is the formual for this
What is the total labor force?
I stay at home and look after the house and my children so my work is not counted in the country's GDP.
What are non-market activities?
I got a job but I'm worse off than I was when I was considered poor and on welfare
What is the poverty trap?