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Voluntary, is when people do not work because they feel better off unemployed. Conversely, involuntary unemployment people are generally unable to find jobs despite having the knowledge and skills needed. This issue is important because its costs are essentially borne by the society. These costs are mainly: the national income is less than the potential due to output. As a result of this, the government loses tax revenue. With Lower national output, other employees lose additional wages that they might have earned. Firms also lose a lot of revenue as they could have engaged more staff (Macpherson, 2012). Additionally, with unemployment levels on the rise crimes and violence also rise in society.
At college, a lot of money is spent on; tuition, books, transport, board, room, clothing and recreation. It is quite expensive to pay and maintain a student through college education. Therefore, the opportunity cost of doing a degree course is very expensive. The money that one pays from the stat to the end of a college degree is much. The standards of living of a student are higher even if one gets out of school after school with nothing (Macpherson, 2012).
College education has some benefits these are; the salary received by college graduate is much higher than that of a non-graduate. A college graduate also gains skills that are useful in any job. An individual will also be able to socialize well with people in society. The benefits of a college degree are worth the opportunity cost, this is because of the skills and the knowledge one would have gained at the end. It is a must to go to college for a career path and also it tends to provide flexibility (Macpherson, 2012). College graduates earn a higher income and this is an indication that they differ from those who did not go to college. It’s may believe that college adds importance, not only to an individual but also to the
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Scarcity Scarcity is limitation in supply. Scarcity is when a commodity is hardly there. For instance, land is a scarce factor of production (Mankiw, pp.55) Relevance In this article it is found out that the government and other traditional sectors are running short of labor.
The rate of unemployment in Germany has been around 5.4 percent by end of 2012. This is because the demand for labour is a derived demand and the low demand for German products from its 17 Euro countries. This is because of crisis in other parts of German markets such as Cyprus.
To illustrate these concepts, this paper selectively, discusses the case study of UK national unemployment rate, causes and effects of inflation on the country economy. Unemployment According to the trading economic website, tradingeconomics.com, unemployment rate in the United Kingdom remained unchanged at 7.70 percent in August of 2013 from 7.70 percent in July of 2013.
ly adopted in Europe, most nations adopted some of this advanced technologies so as to be able to cater for their growing populations ( Jaggi & the Malthusian theory of population 1985). Besides industrial revolution their has been agricultural revolution which includes use of
I would adopt so that together with ht head of Production we can go back to the drawing board and discuss the feasibility of the whole project in view of the damaged machinery. Investing in another country can be an expensive venture with a lot which has to be taken into
Spillover effect is referred to the decrease in the wages of the non-union company. Generally after any organization increase wages then simultaneous they used to reduce the number of employees to maintain the balance in the profitability.
It is even noted that inflation as well as deflation affects the overall economy of a nation and leads to adverse situations for a country. The increase and decrease of the value of money leads to adverse situations and has a huge
For example when the shirts produced are 90 the amount of computer forgone are less in China than in America, hence low opportunity cost. This means if there is trade China will benefit more, this is because it will import computers and export shirts since the opportunity cost for computers is low.
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