UNEMPLOYMENT. SSEMA1 The student will illustrate the means by which economic activity is measured. a. Explain that overall levels of income, employment,

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Presentation transcript:

UNEMPLOYMENT

SSEMA1 The student will illustrate the means by which economic activity is measured. a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports. b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. c. Explain how economic growth, inflation, and unemployment are calculated. d. Identify structural, cyclical, and frictional unemployment.

UNEMPLOYMENT Unemployment laborers who are capable of working and want to work, but do not get a job.

Frictional unemployment Frictional unemployment when a worker moves from one job to another. I worked at Shoney’s. I didn’t like the job. I quit. Three weeks later I was hired at Folks.

Structural unemployment when a worker is not qualified for his job. i.e. a provisional teacher is paid less than a certified teacher OR New technology replaces workers or workers need to be trained to use it. Self-check out lanes mean fewer cashiers.

Cyclical unemployment Cyclical unemployment = when the economy is in need of a low workforce. During depressions and recessions individuals are laid off, fired, or ‘downsized’.

Seasonal unemployment Seasonal unemployment occurs when an occupation is not in demand at certain seasons. Retailers often hire seasonal employees during the Christmas season Six Flags Life guards

Causes of unemployment High Population growth. Absence of employment opportunities. Seasonal Employment. Joint Family System. Slow Developing of Industries. Insufficient Rate of Economic Progress.

Costs of unemployment the individual Unable to meet financial needs. homelessness (through eviction.) Increases chances of: Malnutrition Illness mental stress loss of self-esteem depression.

high unemployment = not using all of the resources Lower production rates/capability Inefficient use of human resources (frictional unemployment) frictionally unemployed = accepts first job offered Below skill level Reduces economy’s efficiency Costs of unemployment to society

Measurement

Solutions Change in the pattern of investment Encouragement to small enterprises Encouragement of New Growth Centers in Small Towns and Rural Areas Subsidies on the Basis of Employment Reorientation of Educational Policy