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Summary Economics; Employment and unemployment
Economics chapter 6 unemployment and employment uses colour, examples and definitions for a better understanding
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Economics IGCSE (0455)Unit 6.2 Employment and Unemployment
Government aims to maintain a high and stable level of
employment – provides people with a higher standard of living
Unemployment wastes productive resources
Labour force Total number of people of working
age in work or seeking work
Labour force participation rate Labour force as a proportion of the
total working age population
Employment by industrial sector How many people work in agriculture
and manufacturing relative to
services
Employment status Number of people employed full-time,
part-time
Unemployment Number of people registered as
being without work and as a
proportion of the total labour force
Labour force participation
Þ The labour force is the working population or economically
active population of a country
Þ Consists of people of working age and those willing and
able to work
Þ People not counted in the labour force include: students,
prisoners, stay-at home parents etc.
Þ Known as dependent population as they rely on the
working labour force
Þ Labour force participation rate measures the percentage
of the working-age population that is working or looking for
work
, Employment by industrial sector
Þ Fall in male workers, this fall is explained by the changing
industrial structure in many developed countries – with
normally male dominated sectors shrinking over time as
tertiary sectors have expanded
Þ Many economies are experiencing the same trends – the
share of employment accounted for by jobs in agriculture
has been falling and the employment in services rises
Employment status
Þ Most workers are in full-time employment – working
Monday to Friday for about eight hours a day
Þ Many countries follow the international standard for
working time with forty hours a week
Þ Average hours worked per week have fallen as working
conditions have improved – more part time opportunities
Unemployment
Þ People without work but who are actively seeking work are
unemployed
Þ Almost half of the unemployed are younger people – tend
to be less productive until they develop more skills
Þ They are often the first to be laid off when workers are
getting fired
Þ Unemployment is measured by the number of people
claiming welfare or benefits from the state
Þ In many countries benefits are only paid for a short period
of time
Þ The unemployment rate in country is the percentage of
people in its labour force that are without work – therefore
recorded as unemployed
Þ Highest unemployment rates found in developing
countries as they lack education, skilled work force
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