7099989
Description
Flashcards by Nikolas Reece, updated more than 1 year ago
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Created by Nikolas Reece
over 7 years ago
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| Question | Answer |
| define unemployment | those who are part of the labour force and actively seeking employment but are unable to source a job. |
| the unemployment rate | the proportion of individuals of the labour force who are unemployed. = Unemployed/ Labour Force x 100 |
| the labour force | the number of available workers in a country. This consists of people above 18 years and under 65 years of age who are willing and able to work. |
| full employment | this refers to the situation where the unemployment rate is about 2%. This is also known as the 'natural rate of unemployment' |
| labour force participation rate | the proportion of people of the overall population who are in the Labour Force = (Labour Force/ Population) x 100 |
| Four negative effects of unemployment | - lower tax revenue for govt - increased govt expenditure on unemployment benefits - potential increase in social ills like crime and illicit drug trade - lower production of output |
| five types/causes of unemployment | • Cyclical Unemployment • Structural Unemployment • Real Wage unemployment • Seasonal Unemployment • Frictional Unemployment |
| cyclical unemployment | the levels of unemployment which vary with the different stages of the business trade cycle. |
| structural unemployment | there are jobs available but there are not a sufficient number of people qualified to fill the vacant jobs due to not having the necessary skills and ability |
| real wage unemployment | occurs when wages are above the equilibrium level causing the supply of labour to be greater than demand. |
| seasonal unemployment | seasonal changes in demand for labour as reflected by seasonal changes in demand fluctuations for goods and services in the industry eg tourism. |
| frictional unemployment | unemployment occurring when people’s switching jobs or when school graduates are looking for a new job |
| solutions to cyclical unemployment | expansionary fiscal and monetary policies to stimulate the economy and increase aggregate demand which will increase the demand for labour |
| solutions to structural unemployment | Government spending on education and training helps increase workers’ skills and makes them more employable. |
| solutions to seasonal unemployment | Provide employment subsidies to firms during the off season to pay workers wages Government unemployment relief jobs during off season. |
| solutions to frictional unemployment | 1. government labour agency recruitment campaign 2. On-the-job-training programs (OJT) for school graduates |
| define trade union | an organisation whose membership is made up of workers and union officials |
| 1 roles of the trade unions | 1. Improve the terms and conditions of employment to ensure workers receive fair and equitable compensation for their services. |
| role of the trade union | Ensure workers are employed in a safe and health working environment which is not detrimental to their health |
| role of trade union | Negotiation of terms and conditions of employment via the collective bargaining agreement |
| collective bargaining agreement | a written, legally enforceable contract between an employer and a trade union and an employer stating the terms and conditions of employment |
| industrial action | legal lawful action taken by the labour union in protest against any deviations by the employer from the collective bargaining agreement. |
| Labour Unions | OWTU – Oilfield Workers Trade Unions |
| Local Labour Unionists | Tubal Uriah ‘Buzz’ Butler. Under his leadership the strike began on June 19, 1937 – the day we commemorate today as Labour Day. |
| local trade unionists | Adrian Cola Rienzi - who became the Union’s first President General of OWTU |
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