BSB113 Final: Unemployment and inflation
Document Summary
Worked 1 hour or more (week: have sought work in the last 4 weeks, currently available to start work. The percentage of the labour force that is unemployed. The sum of the employed and unemployed workers in the economy. The percentage of the working age population in the labour force: looking for work, not available to start, not looking for work, available to start. People who are available for work but have not looked for a job during the previous 4 weeks, because they believe there are no jobs for them. The unemployment rate measures the percentage of the labour force that is unemployed. Labour force participation rate: percentage of the working age population that is in the labour force. *due to economic fluctuations in the economy: booms, recessions. Firms often lay off workers due to the business cycle contraction. The employment rate never falls to zero due to;
