Employment Growth Informational and other Issues test - 5

when consumer demand for a product or service declines there can be a corresponding reduction in supply production to compensate. As the supply levels are reduced, fewer employees are required to meet the lower standard of production volume.

Self-employed is a situation in which an individual works for himself instead of working for an employer that pays a salary or a wage. A self-employed individual earns his income through conducting profitable operations from a trade or business that he operates directly.

A boom is a period of rapid economic expansion resulting in higher GDP, lower unemployment and rising asset prices. Booms usually suggest the economy is overheating creating inflationary pressures. Many economic booms have been followed by a bust – economic recession or downturn. A depression is an economic downturn that is longer lasting and more severe than the more frequently occurring recessions.

The service sector produces intangible goods, more precisely services instead of goods, and according to the U.S. Census Bureau, it is comprised of various service industries including warehousing and truck transportation services; information sector services; commodities, securities and other investment services; professional, technical and scientific services; waste management services; health care and social assistance services; and arts, entertainment and recreation services.

The labour supply is the total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate. It is frequently represented graphically by a labour supply curve, which shows hypothetical wage rates plotted vertically and the amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally.

Labour hire is the term applied (especially in Australia) to provision of outsourced skilled and unskilled blue collar workers hired for short- or long-term positions. It is known by other names such as supplementary staffing, labour supply or temping.The workers, known as contractors, field employees, temps, on-hired employees or even just employees, are employed by the labour hire organisation. They are not employed by the company to whom they provide labour. This is an important distinction for the purposes of Occupational Healthy and Safety purposes, in particular who has legislative responsibility for ensuring a safe working environment.

Cyclical unemployment is a factor of overall unemployment that relates to the cyclical trends in growth and production that occur within the business cycle. When business cycles are at their peak,cyclical unemployment will be low because total economic output is being maximized.

Cyclical unemployment is when workers lose their jobs because of downturns in the business cycle. You can tell when the economy contracts by measuring gross domestic product. If the economy contracts for two quarters or more, it's in a recession.

Frictional unemployment is when workers leave their jobs to find better ones. It's usually a voluntary exit but can also result from a layoff or termination with cause. Friction is the time, effort, and expense it takes the worker to find a new job.

An increase in the amount, speed, or intensity of investment can be termed as stepping up of investment. This will reduce the rate of unemployment.