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…show more content… 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 To sum things up, structural unemployment occurs when someone has outdated skills or doesn 't have the right skill to search for work.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… "Types of Unemployment." About Education. About.com, n.d. Web. 19 Mar. 2015. <http://economics.about.com/od/unemployment-category/a/Types-Of-Unemployment.htm>.
Pettinger, Tejvan. "The Natural Rate of Unemployment." Economics Help. N.p., 28 Nov. 2012. Web. 20 Mar. 2015. <http://www.economicshelp.org/macroeconomics/unemployment/natural_rate/>.
"Resolution concerning Statistics of the Economically Active Population, Employment, Unemployment and Underemployment." Resolution concerning Statistics of the Economically Active Population, Employment, Unemployment and Underemployment. N.p., 01 Oct. 1982. Web. 22 Mar. 2015. <http://www.ilo.org/global/statistics-and-databases/standards-and-guidelines/resolutions-adopted-by-international-conferences-of-labour-statisticians/WCMS_087481/lang--en/index.htm>.
United States. Bureau Of Labor Statistics. Department of Labor. Bureau Of Labor Statistics, 6 Mar. 2015. Web. 20 Mar. 2015.