YR 10 HASS - Unemployment Data

Vocabulary flashcards covering the types of unemployment, the economic impact on stakeholders, and the role of government intervention based on the YR 10 HASS lecture notes.

Structural Unemployment

A type of unemployment that occurs when there is a mismatch between the skills of workers and the requirements of available jobs.

Cyclical Unemployment

Unemployment that results from a downturn in the business cycle or economic activity, such as during the COVID-19 pandemic.

Seasonal Unemployment

Unemployment that happens at specific times of the year when the demand for certain types of labor changes.

Frictional Unemployment

Short-term unemployment that occurs when people are in between jobs or are searching for their first job.

Impact on Individuals

The consequences for people who lose their jobs, often including a loss of income and a reduction in living standards.

Impact on Businesses

The negative effect where reduced consumer spending from the unemployed leads to lower sales and profits for companies.

Impact on Government

The economic strain caused by increased spending on welfare payments and a decrease in tax revenue collected from workers.

COVID-19 Pandemic

A major event that caused a significant increase in Australia's unemployment rate due to economic disruptions and lockdowns.

Government Unemployment Mitigation

Strategies used by the government to lower the unemployment rate, such as offering training or implementing economic policies to create jobs.