Investigative Report On Labour Market Trends - 1690 Words

Part 3: Investigative Report on Labour Market Trends CovieCares By Jacob Sullivan Hawkes What is a Labour Market? A labour market is the place where workers and employees interact with one another. The employers compete to hirer the best worker for the job and the workers compete to find the most satisfying jobs. It functions with demand and supply of labour. The firms demand is labour demand and the supply is the workers supply of labour. The labour market is influenced by changes in the bargaining power. What is Unemployment? The workforce is separated into two sections, the employed and the unemployed. An individual is defined as being employed if they work for one or more hour each week. An individual is defined as unemployed if they are currently available for work, currently searching for work and are unable to find it. As a result of an individual being unemployed, labour resources are not being utilised to their full potential in an economy. Nature, Causes and Effects of Unemployment Unemployment is a very large issue throughout the Australian community and means that an individual is out of a job or situation where they are willing to work but have none. For the very first time in 20 years, there is more than 800,000 unemployed people in Australia, and for every 5 people looking for work, there is only one vacancy available, making it harder than ever to find a job. The number of unemployed people looking for full time jobs is slowly decreasing, going fromShow MoreRelatedThe Rise And Fall Of Traditional Journalism1283 Words   |  6 Pagesincreasingly fractured and factionalised market, which made it harder to sustain the illusion of objective journalism -- an illusion that was only really made possible by the presumption of a monolithic culture that held sway in the 1950s and 60s. 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