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Macro5C - Essay Example

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Answer 1: Unemployment refers to people who are eligible and actively searching for jobs yet are unable to find it due to various reasons. Similarly, unemployment rate refers to the people who are currently unemployed as a percentage against the total number of people who are in the economy and willing to work…
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Download file to see previous pages The continuous failures may have discouraged the workers therefore they stopped looking for jobs ahead and “gave up” the idea of employment. In the above calculation, these people were not included in the unemployed workforce as they are not currently seeking job. However, if the Bureau of Labor statistics decided to include these workers as “Unemployed labor force” then the number of unemployed would go up and therefore the unemployment rate will likely be increased followed by an increase in total workforce, as shown below: Unemployed workforce = 8.4 million + 1.2 million = 9.6 million workers Total workforce = 116.9 + 1.2 = 118.1 Million people New Unemployment Rate = (9.6 / 118.1) * 100 = 0.09129 * 100 = 8.129 % The discouraged workers are not usually taken in to the unemployed workers account as the term “unemployment” directly refers to people who are out of jobs and actively looking for them yet unable to find them, where as discouraged workers are workers who have given up on their search. ...
Answer 3: Unemployment is a vast term used in economics very frequently; unemployment does not only refers to people without jobs due to limited reasons but has more complexities to it that economics defines. There are different kinds of unemployment including frictional, structural, seasonal, classical and cyclical unemployment. Out of all these, for simplicity in theory, economists often use three types of unemployment for explanations of economic phenomena; cyclical unemployment, frictional unemployment and structural unemployment. Frictional Unemployment refers to unemployment that is a temporary condition caused as a result of “looking between jobs”. It’s when an individual leaves one job in search of another and this gap of leaving the job and finding a new job is a temporary period of unemployment known as frictional unemployment. On the other hand, structural unemployment is due to mismatch of skills of the workers; they may become obsolete or not appropriate for the job kind. These two are basic levels of unemployment that would ALWAYS be there in any economy as they are natural and inevitable, so economists don’t really worry about these kinds of unemployment. The major cause of concern for economists is the cyclical unemployment; also known as Demand deficient unemployment. This is caused as a result of lack of aggregate demand in an economy putting downward pressure on the economy and increasing the inflationary gap. This type of unemployment can drive the economy out of working condition if it exists for a long span of time without appropriate government interventions (The great depression of 1930’s may serve as an example for such a case). When economists talk about “Natural Rate of Unemployment” they are reffering to the full ...Download file to see next pagesRead More
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