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Economics & Business, 01-1-700x336, unemployment-rate-in-India,…

- - - - Land - Natural resources such as coal and water.
      - Labour - Human resources such as workers.
      - Capital - Manufactured resources such as equipment.
      - Entrepreneurship - Management resources such as the skills or talent required to bring the resources together.
  - - - Business Decisions - What to produce or where to sell the product.
      - Employment Decisions - What career path to follow.
      - Legal Decisions - Whether or not to take legal action.
      - Financial Choices - How much money to save or spend.
  - - - Key Indicators of Economic Performance
        
        Inflation - The general increase in prices of goods and services
        
        Unemployment Rate - The percentage of people who are unemployed out of people who can work.
        
        Gross Domestic Product (GDP) - Total value of goods and services produced in a country over a year.
      - Economists also measure living standards:
        
        Material Living Standards refers to our access to physical goods and services.
        
        Non-Material Living Standards are harder to measure and include things that may contribute to our happiness, such as freedom, low crime levels, access to facilities or free elections.
- - - - Number Unemployed / Labour Force X 100
      - Australia's Unemployment Rate:
        
        7.4% in 2020
        
        4.6% in 2021
        
        5.3% in 2019
  - - - Loss of Income: No jobs means no money and creates a higher reliance on government assistance.
      - Loss of Government: Less people employed means less tac revenue for the government.
      - Loss of Output: The production of goods and services reduces
    - - Leads to a loss of faith in the government.
      - High levels of unemployment reflect reflect poorly on the estate and federal government.
    - - Increase in crime and drug -abuse.
      - Increased family tensions and breakups.
      - Lower standard of living.
      - Increase in suicides and other mental health issues.
      - Lower self-esteem and confidence.
  - - - During when economic growth, consumers are not buying as many goods and services.
      - Firms/business respond by cutting down production and firing workers.
      - Is also common during a recession phase.
    - - it is the period between finishing one job and starting another.
      - This is the type of unemployment is usually voluntary and the shortest duration.
  - - - Government providing job training and apprenticeship opportunities.
      - Raising the compulsory age of school attendance so that students can improve on their qualifications.
      - Forrestfield airport link has created 2000 jobs.
      - Cutting down benefits to the unemployed so that they try to find a job.
      - Eg. Construction of Elizabeth Quay or Optus Stadium
- - - - Example: Budgetary Policies - Government income and expenditure
    - - Example: government opening markets for free trade or removing regulations and rules from areas of the economy
  - - - Productivity measures how efficiently resources are used to produce a given level of output.
      - Can be increased by improving labour resources so that workers are able to produce more goods and services per hour.
    - - Aims to provide the necessary labour resources to produce more goods and services to increase economic growth and the standard of living
    - - Immigration boosts economic growth and therefore living standards.
      - Immigrants consume goods and services this leads to greater spending and therefore higher employment rate and growth
      - Migrants provide skilled labour in areas of need in the economy.