The Economic Crisis At 2014 Essay

The Economic Crisis At 2014 Essay

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The economic crisis at 2014 - 2015 invaded into many countries, and many others will take place in a few months or years. Some of those countries that are victims from the economic crisis are Portugal, Italy, Greece, Spain ( as we know them from ' 'PIGS ' '), Cyprus and Ireland. The sufferers from all those countries are the simple population who the 50% are those without work and the other 50% are those who are working under the minimum living wages.
Unemployment is the number of persons who is searching for employment and is unable to find work. It can be measured in many different ways. Some of them are: The claimant count, The Labour Force Survey (LFS) and the most frequently cited measured is the unemployment rate. The formula for the unemployment rate is : Number of Unemployment .100 .
Labour Force
That Formula means that we take the number of Unemployment persons, we divided by the Labour Force and we multiply by 100. Unemployment is one of the chief problem in many countries at that phase. The causes of unemployment are so many. Some of them are below.
Cyclical unemployment: Exist when individuals lose their jobs, as a result of downturn in aggregate demand (AD). It 's called Demand Definition.
Frictional Unemployment: Is when the people move between jobs like the graduates and people who are changing works.

Classical Unemployment: Is caused when the wages are ' 'too high ' '.

Structural Unemployment: Is divided by others other three causes, below which are:
The Occupational Unemployment: That means that is very difficult for some people to learn new skills that is applicable to a new industry.
The Geographical Unemployment: That means that is hard for the moving regions to find a place to stay...

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...ployment. So people who are working for less living wages are not longer offered employment. Also high qualifies can 't work anymore with earning a tiny quantity of cash, so because they are qualifies with extremely impressive experience their only solution is to migrate at some other countries like England or Switzerland with far above the ground living wages. This act can increase the unemployment of a country.
Furthermore another one impact of the minimum living wages in the unemployment is the increase of the aggregate demand (DA). That increase will bring a shock to the short-run aggregate market. If the aggregate demand (DA) increase in the short-run aggregate market then the price level and real production will be increase too. With a result raise of unemployment because there is less need for people to produce them that 's why the unemployment get higher.

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