Qd Qe Qs
The news article focuses on the increasing rate of
unemployment in Australia. The unemployment has escalated to 7.3% this April.
Unemployment refers to people of working age who are actively looking
for a job but are not employed.The type of
unemployment in Australia, as mentioned in the article, is structural
unemployment.Structural unemployment occurs as a result of changes in demand
for particular types of labour skills, changes in geographical location and
jobs and labour market rigidities. The unemployment is mainly in the automotive
sector in Australia.
SHOWING STRUCTURAL UNEMLOYMEN T IN AUSTRALIAN ECONOMY
The figure 1 depicts the quantity of labour demanded and supplied in the
labour market of Australia. Through the article, it was evident that there are
labours available (Qs) but there are not enough jobs available for them. The quantities
of labour demanded are less than the quantity of labour supplied. (Qd