Economic Crisis Case Study

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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 . …show more content…

Doing that they will have a huge profits on their amount and they will be able to save or spend those money whenever they want to. Firing the local employees the company now can hired some low rate workers or some foreign. All these workers are able to able to work double hours with much less salaries, because they don 't have the same codifications with a high rated local worker.

All the employers and company owners have the same thoughts ,how they will earn and save more money. Doing that with the foreign workers paid with less than the minimum living wages they think that is really assist their company and their income. But actually this is the main reason why all these companies will be fold down, and in the long run is the company that will loss a huge amounts of money.
With minimum living wages and without wiling high qualified employees that they are capable to work hard with their enormous tense of experience , the quality of the work, or the product, or services etc, is not expected to be in the competitive

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