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Economics for Business pdf

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Added on  2021-06-18

Economics for Business pdf

   Added on 2021-06-18

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Running head: ECONOMICS FOR BUSINESSECONOMICS FOR BUSINESSName of the StudentName of the UniversityAuthor’s Note
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1ECONOMICS FOR BUSINESSTable of ContentsIntroduction......................................................................................................................................2Australia’s unemployment during the past five years.....................................................................3Effect of unemployment rate on the economy of Australia.............................................................7Policies adopted by the Australian government towards declining unemployment......................10Conclusion.....................................................................................................................................11References......................................................................................................................................13
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2ECONOMICS FOR BUSINESSIntroductionThe present report highlights on the Australia’s unemployment during the past five yearsand its effect on the economy. Unemployment in the economy occurs when an individual who isardently looking for employment has been unable to get any job. It is one of the importantmacroeconomic indicators used for measuring economic health of the nation (Burd. and Wyplosz2013). Unemployment rate in the nation fluctuates over time based on social conventions andeconomic situations. Unemployment generally damages individual’s standard of living and thusincreases in poverty level of the economy. Various countries follow various concepts andtheories for assessing unemployment rate in the economy. Australia adopts standard internationalunemployment definition based on International labor organization (ILO) classification.Australia’s unemployment definition therefore encompasses that people are considered asunemployed if they have done any paid work for one hour in previous week, were ardentlyseeking job and have the ability to accept any job in next week. In context to this, the people whoare not actively looking for job are however not included in unemployment computation in theeconomy. In Australia, people are said to be long term unemployed if they remains unemployedfor at least 52 weeks. Unemployment has been one of the main issues in Australia during the last few decades.There are some major concern areas in this country regarding unemployment such as-underemployment, youth unemployment and deficiency in employment opportunities for oldaged workers. However, the people who have more risk of being unemployed in Australia areyouth, mature aged person and immigrants. The manufacturing and service sector being maincontributors in Australia’s GDP (Gross Domestic Product), huge variation in patterns of these
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3ECONOMICS FOR BUSINESStwo sectors leads to loss of numerous jobs in this country. However, the Australian governmenthas taken several measures for keeping unemployment rate low in the economy. This studythereby focuses on the policies implemented by the government of Australia for maintainingstable unemployment rate in the economy.Australia’s unemployment during the past five yearsRecent evidences reflect that there has been a declining trend in Australia’sunemployment rate during the past five years. Several factors are responsible for unemploymentrate in this country, which includes- economic recession, lack of huge investment, outsourcing ofjobs, globalization and so on. Besides this, big projects which were held by the laborers in thisnation are now captured by workers of other countries such as Indonesia, USA. Owing to lessinvolvement of workers in manufacturing and service industry, unemployment rate in thiscountry is above the target level (5%) even if it is declining. According to recent data revealed bythe Australian Bureau of Statistics (ABS), the unemployment rate in Australia during the lastfive years had decreased by around 0.2%. In fact, the rate of unemployment in this nation hasbeen hanging in the range of 5.6% to 6.07% during the past five years. It has been evident fromthe recent data that unemployment rate hit the highest in the year 2014 and lowest in the year2017. In fact, the monthly trend of unemployment of both females as well as males also reducedby near around 5.5% since the year 2013 (Hutchens 2018). Even the labor force participation rateof both males as well as females became the highest by around 70.8% and 59.9% respectivelyduring the past few years. However, the trend of monthly full time employment also increasedby around 271,000 persons since 2016 (Abdelkerim and Grace 2012). As a result, it leads to neararound 335,000 persons rise in employment over the past few years. It has been found out by
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