In a few words, describe the current labour market?
The labour market is where people look for jobs and employers look for workers. It is made up of the demand for and supply of labour, which are influenced by economic, social and political factors. It affects wages, working conditions and job availability.
Labour Market: a market where employers and employees interact to find suitable job opportunities and negotiate wages. Unemployment Rate: the percentage of unemployed workers in the labour market. Labour Force: all people who are employed or looking for employment.
What is the term used to describe the total number of people who are employed and unemployed in a country?
- Job market
- Labor force
What is the current state of the labour market?
What are the different types of job opportunities available in the labour market?
Generally a competitive market with a high rate of employment. The most in-demand jobs are in healthcare, information & communications technology, and scientific research. Employment opportunities are often dependent on levels of education and experience.
Labour Market in Australia
Labour Market: the market in which workers compete for jobs and employers compete for workers. Unemployment Rate: The percentage of people in the labour force who are without work but available for and seeking employment. Gross Domestic Product (GDP): The total value of all goods and services produced in a country over a period of time.
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In Australia, what is the unemployment rate?
What do you think is the most important issue facing the Australian labour market right now?
- Unemployment rate
- Youth employment
- Skills shortage
- Gender pay gap
Despite the downturn in the overall labour market in Australia, the number of jobs in the tech sector has grown significantly over the past decade. In 2020, the Australian labour market was one of the most resilient in the world, with the number of people employed increasing throughout the year. Australia has one of the lowest rates of unionization in the world, with only 8.7% of the labour force belonging to a union in 2020.
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What are the key drivers of labour market change in Australia?
What challenges do Australian employers face in the labour market?
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What factors influence the demand and supply of labor in the Australian market?
How has the labour market affected your local community?
What skills do you think are important for a successful career in the Australian labour market?
Which of the following is an example of a demand-side factor affecting the labor market?
- Skills and qualifications
- Technological advancements
- Economic growth
What is the term for a situation where there are more job seekers than available job openings?
- Labor shortage
Which of the following factors could result in an increase in labor supply?
- Decrease in minimum wage
- Population growth
What does GDP stand for?
- Gross Domestic Product
- Government Department Plan
- General Development Program
Work together in pairs: What are the potential impacts on the labour market of an ageing population?