Study Notes - POPULATION, EMPLOYMENT & CHANGE (inc. Economic Growth)

Economics- the study of how to use our limited resources (L, L C & E) wisely to help make society and individuals better off. Land- natural gifts of nature Labour- various intellectual talents as well as physical power provided by labour force Capital- the money needed to produce Entrepreneurship- the idea or ability to create the production, its people employed to think There are two branches of economics: Microeconomics: factors that influence smaller parts …

…people in Australia that could work so: Labour force / polulation of 15 and over x 100 UNEMPLOMENT RATE- unemployed / labour force x 100 *<Tab/>The government want the unemployment rate to be at around 6-7%. It wants gone with cyclical unemployment (AD related) but doesn't mind structural unemployment (becoming more efficient) Part time work not as good as full time in term of our economy, full time means more hours are being worked regularly.