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Another reason is when a company moves

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Frictional unemployment=when people lose their job (or choose to leave) then start looking for another one

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Frictional unemployment=when people lose their job (or choose to leave) then start looking for another one

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Your standard of living decreases as unemployment increases

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prices go up

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The rate of unemployment decreases as the employment rate increases

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Equals: Employment + Unemployment

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bob the builder was never employed

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One reason of unemployment is
shifts in the economy

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GDP is weak

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Cyclical unemployment=unemployment that follows the ups and downs of a business cycle

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Cyclical unemployment=unemployment that follows the ups and downs of a business cycle

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You only need to work one hour per week to be considered 'employed'

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You only need to work one hour per week to be considered 'employed'

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Structural unemployment=when workers have outdated skills no longer required, as technology has now replaced them

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Structural unemployment=when workers have outdated skills no longer required, as technology has now replaced them

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This is blank because of legitimate reasons

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This is blank because of legitimate reasons

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labour force

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Seasonal unemployment=people unable to find jobs in certain months

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Seasonal unemployment=people unable to find jobs in certain months

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the proportion of people 15 and over who are willing and able to work but can't find a job

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The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate.

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Include increased competition from overseas, making it difficult for Australia's businesses to compete.

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The Australian Bureau of Statistics measures unemployment

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The Australian Bureau of Statistics measures unemployment

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Australia's unemployment rate 5.8%

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Ready to start work and taking active steps (e.g. job interview) to find a job

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is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force.

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is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force.

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retirees
Full time careers
Those in prison
Volunteer workers
People in hospital

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GDP is weak and spending in the economy has decreased, businesses may cease to hire new staff or cut back on staff in order to save money and stay in business.

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Frictional Unemployment

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structural
frictional
cyclical
seasonal

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To be unemployed you must be over the age of 15 and be currently looking for a job

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To be unemployed you must be over the age of 15 and be currently looking for a job

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target rate: 4-5%

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Unemployment