DP4

Question 1

Why is changes in Australia labour market important

Answer 1

• Affect material living standard / non-material living standards

Question 2

Changes in labour market affecting MLS

Answer 2

1. employment, unemployment, hours of work, participation rate  level of income
   Rise in employment, fall in unemployment, increase in labour forced participation, rising hours increased
   - Average incomes, consumption and mls increase

When labour market is weak
- Rise in unemployment, reduced hours worked, consumption falls,
- Reliance on government welfare lead to reduce level of per capita consumption and mls
2. size of workforce and labour market is growing expands australis productivity capacity

Question 3

Changes in labour market affecting NMLS

Answer 3

• Nmls = quality of life, happiness, low level stress, job satisfaction
• E.g covid there were weak labour market conditions and increase ein number of inadequate welfare benefits. Therefore nmls seriously undermined