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Employment & Unemployment
EMPLOYMENT
• Employment is a relationship between
two parties,
• usually based on a contract,
• one being the employer and
• the other being the employee
Employer
• An employer is a person or institution that
hires employees or workers.
• Employers offer wages or a salary to the
workers in exchange for the
worker's work or labor.
• Wages paid for hours worked and salary paid
for the work done at a particular period.
Employee
• An employee is a term for workers and
managers working for
a company, organization or community.
• Employees are the staff of the organization.
• Any person hired by an employer to do a
particular "job" is an employee.
Categories of Employment
• There are four main types of employment
1. Employees
2. The self-employed
3. Unpaid family workers
4. Participants in government-funded training
schemes
Categories of Employment
Source: http://www.economicsonline.co.uk/Managing%20the%20macro-economy%20graphs/Employment_diagram.png
The Employment Rate
• The proportion of the working-age population
who are in employment.
• The working age population includes men
aged 16-64 and women aged 16-59.
UNEMPLOYMENT
• The International Labour Organisation (ILO)
definition of unemployment is those aged 16
or over are unemployed if they are:
1. Out of work, want a job, have actively sought
work in the last four weeks and are available
to start work in the next two weeks.
2. Out of work, have found a job and are
waiting to start it in the next two weeks.
Reasons for Unemployment
• Educational Status of people
• Government regulations
• Political Instability
• Cultural Barriers
Costs of Unemployment
1. Opportunity cost
– Unemployment represents an opportunity cost
because there is a loss of output that workers could
have produced had they been employed.
– The government also spends more on unemployment
benefit.
2. Waste of resources
– Resources not employed are left idle, and this is a
waste to an economy – education and training costs
are wasted when individuals who have received
these benefits do not work.
Costs of Unemployment
3. The Chancellor loses revenue
– The unemployed do not pay income tax, and pay
less indirect tax as they spend less.
4. Erosion of human capital
– Many skills are acquired at work, and being
unemployed means can mean fewer new skills
are acquired, and existing skills are lost.
Costs of Unemployment
5. Lower incomes
– The unemployed have lower personal incomes
and lower standards of living. In addition, the
unemployed also experience relatively poor
physical and mental health.
6. Externalities
– There are further external costs associated with
unemployment, such as increased crime,
alcoholism and vandalism.
Solutions for Unemployment
1. Job Creation
– This is the number one solution and by making
jobs, it will enable more people not to be idle.
2. Job Creation
– This is the number one solution
and by making jobs, it will
enable more people
not to be idle.
Solutions for Unemployment
3. Increase work output
– Decreasing union affairs and motivating
employees.
Group Members
• Dhanusha Dissanayake
• NuwanSri Wijerathne
• Viduranga Rathnayake
• Wasula Heshani
• Shashini Jayathilake
• Dulanji Yapa
UWU/HTE/13/0005
UWU/HTE/13/0049
UWU/HTE/13/0039
UWU/HTE/13/0013
UWU/HTE/13/0016
UWU/ENM/13/0054
Employment & Unemployment

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Employment & Unemployment

  • 2. EMPLOYMENT • Employment is a relationship between two parties, • usually based on a contract, • one being the employer and • the other being the employee
  • 3. Employer • An employer is a person or institution that hires employees or workers. • Employers offer wages or a salary to the workers in exchange for the worker's work or labor. • Wages paid for hours worked and salary paid for the work done at a particular period.
  • 4. Employee • An employee is a term for workers and managers working for a company, organization or community. • Employees are the staff of the organization. • Any person hired by an employer to do a particular "job" is an employee.
  • 5. Categories of Employment • There are four main types of employment 1. Employees 2. The self-employed 3. Unpaid family workers 4. Participants in government-funded training schemes
  • 6. Categories of Employment Source: http://www.economicsonline.co.uk/Managing%20the%20macro-economy%20graphs/Employment_diagram.png
  • 7. The Employment Rate • The proportion of the working-age population who are in employment. • The working age population includes men aged 16-64 and women aged 16-59.
  • 8. UNEMPLOYMENT • The International Labour Organisation (ILO) definition of unemployment is those aged 16 or over are unemployed if they are: 1. Out of work, want a job, have actively sought work in the last four weeks and are available to start work in the next two weeks. 2. Out of work, have found a job and are waiting to start it in the next two weeks.
  • 9. Reasons for Unemployment • Educational Status of people • Government regulations • Political Instability • Cultural Barriers
  • 10. Costs of Unemployment 1. Opportunity cost – Unemployment represents an opportunity cost because there is a loss of output that workers could have produced had they been employed. – The government also spends more on unemployment benefit. 2. Waste of resources – Resources not employed are left idle, and this is a waste to an economy – education and training costs are wasted when individuals who have received these benefits do not work.
  • 11. Costs of Unemployment 3. The Chancellor loses revenue – The unemployed do not pay income tax, and pay less indirect tax as they spend less. 4. Erosion of human capital – Many skills are acquired at work, and being unemployed means can mean fewer new skills are acquired, and existing skills are lost.
  • 12. Costs of Unemployment 5. Lower incomes – The unemployed have lower personal incomes and lower standards of living. In addition, the unemployed also experience relatively poor physical and mental health. 6. Externalities – There are further external costs associated with unemployment, such as increased crime, alcoholism and vandalism.
  • 13. Solutions for Unemployment 1. Job Creation – This is the number one solution and by making jobs, it will enable more people not to be idle. 2. Job Creation – This is the number one solution and by making jobs, it will enable more people not to be idle.
  • 14. Solutions for Unemployment 3. Increase work output – Decreasing union affairs and motivating employees.
  • 15. Group Members • Dhanusha Dissanayake • NuwanSri Wijerathne • Viduranga Rathnayake • Wasula Heshani • Shashini Jayathilake • Dulanji Yapa UWU/HTE/13/0005 UWU/HTE/13/0049 UWU/HTE/13/0039 UWU/HTE/13/0013 UWU/HTE/13/0016 UWU/ENM/13/0054