"Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period."
The percentage of the labor force that is not currently employed but is actively seeking employment. Unemployment rates vary by region, industry, and demographic group, and can be affected by factors such as changes in government policy, shifts in the economy, and advancements in technology.
Definition of unemployment: This topic covers the basic concept and characteristics of unemployment.
Types of unemployment: This includes the four types of unemployment: frictional, structural, cyclical, and seasonal.
Unemployment rate: This is the percentage of the labor force that is currently unemployed.
Labor force participation rate: This is the percentage of the adult population that is either employed or actively seeking employment.
Discouraged workers: These are individuals who have given up actively seeking employment due to a lack of available opportunities.
Underemployment: This is when individuals are employed but not in jobs that match their skills or employment level.
Causes of unemployment: This topic covers the various factors that contribute to unemployment, including changes in technology, shifts in the economy, and government policies.
Consequences of unemployment: This includes the economic costs of unemployment, such as lost productivity and decreased economic growth, as well as the social costs, such as increased poverty and crime rates.
Unemployment insurance: This is a government program that provides financial assistance to workers who have lost their jobs.
Minimum wage: This is the lowest wage that employers are legally allowed to pay workers.
Job training and education: This includes the role of education and job training in reducing unemployment and improving employment opportunities.
Labor unions: This is a group of workers who come together to collectively bargain with their employers for better wages and working conditions.
Government policies to reduce unemployment: This topic covers the various government policies that are designed to reduce unemployment, including fiscal and monetary policies.
International trade and unemployment: This includes the impact of international trade on employment opportunities and wages.
Economic growth and unemployment: This covers the relationship between economic growth and unemployment, including the potential for economic growth to create new jobs and reduce unemployment rates.
Frictional Unemployment: This type of unemployment occurs when workers are temporarily in between jobs because they are seeking new employment opportunities or transitioning from one line of work to another.
Structural Unemployment: This type of unemployment results from changes in the economy that make certain job skills obsolete. Jobs that require outdated or specialized skills may be phased out, leading to unemployment among workers who lack the necessary qualifications.
Cyclical Unemployment: This type of unemployment is related to the business cycle and occurs when demand for goods and services decreases, leading to decreased production and layoffs.
Seasonal Unemployment: This type of unemployment occurs when certain industries or types of work are only available during specific times of the year. For example, agriculture and tourism often experience high levels of seasonal unemployment.
Technological Unemployment: This type of unemployment results from automation and the use of technology to replace human labor. As machines and robots become more efficient, some workers are no longer needed.
Hidden Unemployment: This type of unemployment is not reflected in official statistics and occurs when individuals who are unemployed are not actively seeking work, such as discouraged workers or those who have given up looking for jobs.
Voluntary Unemployment: This type of unemployment occurs when individuals choose not to work for personal or financial reasons, such as retirement or pursuing further education.
Underemployment: This type of unemployment occurs when workers are employed but not fully utilizing their skills or earning potential. This may include part-time or temporary workers who are seeking full-time employment, or those working in positions that do not require their level of education or experience.
"Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed)."
"Unemployment can have many sources, such as new technologies and inventions, the status of the economy, competition caused by globalization and international trade, policies of the government, and regulation and market."
"Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influence the availability and cost of money through its monetary policy."
"Some of the main types of unemployment include structural unemployment, frictional unemployment, cyclical unemployment, involuntary unemployment, and classical unemployment."
"Structural unemployment focuses on foundational problems in the economy and inefficiencies inherent in labor markets, including a mismatch between the supply and demand of laborers with necessary skill sets."
"Discussions of frictional unemployment focus on voluntary decisions to work based on individuals' valuation of their own work and how that compares to current wage rates added to the time and effort required to find a job."
"According to the UN's International Labour Organization (ILO), there were 172 million people worldwide (or 5% of the reported global workforce) without work in 2018."
"Statistical figures such as the employment-to-population ratio might be more suitable for evaluating the status of the workforce and the economy if they were based on people who are registered, for example, as taxpayers."
"Competition caused by globalization and international trade can be a source of unemployment."
"Fiscal policy can influence the status of the economy and unemployment."
"New technologies and inventions can be a source of unemployment."
"People above a specified age (usually 15) are considered in terms of unemployment."
"Policies of the government can contribute to unemployment."
"The ILO measures unemployment by assessing the number of people without work relative to the global workforce."
"Cyclical unemployment is one of the main types of unemployment."
"Classical unemployment is one of the main types of unemployment."
"The monetary authority of a country, such as the central bank, can influence the availability and cost of money."
"The global workforce is the population reported by the ILO."
"Structural unemployment focuses on foundational problems in the economy and inefficiencies inherent in labor markets."