Daniel Lima
Professor Lassar
ECO 201
March 20, 2015
What Really Is Unemployment? The economy is like a well oiled machine. If all the cogs and gears are turning, the machine will be able to function optimally, but when one gear causes an issue, the whole system is affected. The gears that have rusted or have been nudged out of place in a machine are similar to what unemployment is like in the economy. Unemployment occurs when people are without work and actively seeking work (Resolution concerning Statistics of the Economically Active Population, Employment, Unemployment and Underemployment, Adopted by the Thirteenth International Conference of Labour Statisticians). Therefore, the unemployed are similar to the rusted gears of a
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One way is that structural unemployment occurs because some labor markets have more workers than there are jobs available, and for some reason wages don 't decrease to bring the markets into equilibrium. Another way to think about structural unemployment is that structural unemployment results when workers possess skills that aren 't in high demand in the marketplace and lack skills that are in high demand,”(Beggs). To sum things up, structural unemployment occurs when someone has outdated skills or doesn 't have the right skill to search for work. For example, the computer science business is currently booming and will continue to grow because of how dependent we are as a society on technology. As a result we are making advancements in technology more quickly with each passing invention. This presents an issue for the employees. Because methods change constantly, some have issues keeping up. Those who can 't adapt will eventually become structurally unemployed because their knowledge on programming will become …show more content…
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First, Structural unemployment occurs when the entire makeup of an economic system experiences fundamental problems such as uneven labor distribution across industries and a lack of skilled workers to fill these positions. Structural unemployment is not caused by changes in supply and demand as the other major types of unemployment. Instead, this kind of unemployment happens because of significant changes in the use of new technologies such as robotics and a.i. Advancements can create
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The most common causes of unemployment are getting fired and layed off for specific reasons. People might get layed off if a company is going out of business or maybe if there are positions in the company that are no longer needed. It’s difficult to find a job right away after being fired. Companies don’t want to hire someone who has just been fired for reasons such as failure to do a sufficient job, not showing up to work, stealing, etc. It’s also hard to find a job instantly after being layed off. In some cases the economy is down and it is hard to find any work in general.
Unemployment rates is the number of unemployed people divided by the number of people in the labor force. According to IndexMundi (2018), the unemployment rate of whole world in year 2017 is 7.9%, which was increased 0.6% compare with year 2016.