Garrett Risinger 69050 Course: BAM 223 Unit 4 2. Explain how unemployment changes over the business cycle. Why do these changes occur? Unemployment changes and the business cycles are interrelated, they both have to do with the ability and willingness of a business to increase their operations. The unemployment level of an economy is a measurement of the people that are not working but are seeking a job without success.…
Historically Australia’s CAD has fluctuated between 3-6% of GDP and is currently 3.2%. Some economists…
Factor 3: Global Economic Influences on the Australian Economy a) Australia has been a participant in world trades, investments and financial flows for many years. Thanks to improved technology, market growth and many other facets of the global economy, this globalisation has only become easier and is now at a point where every country is affected by global economic influences, good and bad. An example of this at play in Australia would be the recent political uncertainty with the US presidential election. Investors world wide were anxious at the outcome of the election and the impact it could’ve had on the global economy given President Trump reputation for being dangerous, arrogant and intolerant.…
Moreover, as people lack jobs, they begin to perceive low quality items, as acceptable. This new perception can be great or bad news for international businesses, depending on their products and their prices. Those international businesses which tend to be bring products into the new market (country) that are cheaper than their domestic items, will be secured for business as their products will become more appealing to the consumers and less competitive than the native, Australian ones. On the other hand, more expensive businesses, will experience the struggle of persuading consumers that their precious money will not be going to waste. Adding on, certain international businesses that are lurking for employees, might move to Australia, as…
No nation could emerge from the Great Depression without profound social, political, and economic changes. Specifically, the United States and Canada were hit particularly hard with severe unemployment and acute economic deflation. While Franklin D. Roosevelt intervened heavily in the United States’ economy, Canadian Prime Minister Richard Bedford Bennett took a more laissez-faire approach; through these solutions, it is evident that in the case of economic depression, economic interventionism in employment, agricultural production, and national banking provide optimal results for recovery. In order to repair the ravaged American and Canadian workforces, Roosevelt took decisive action towards reconstruction whereas Bennett, out of respect for the free-enterprise system, opted for less invasive solutions.…
Australian and Indonesia, while similar in many ways, have very considerable differences, particularly in their economies. Both are mixed market economies, but while Australia’s economy is well developed and has a large proportion of government interference helping to make Australia one of the most desirable nations to live in, Indonesia’s economy is less advanced with a lower level of income per capita and a lower standard of living than Australia. Though Australia is four times larger than Indonesia, Indonesia’s population is ten times that of Australia’s. Australia is also a highly industrialised economy because it’s GDP ranked it at 12th the world. Comparatively, Indonesia is ranked 16th by GDP.…
2 cents is a lot when talking about currency. Then on September 6, the Bank decided to give our interest another .25% bump to 1%. Back to where it was over 2 years ago. Our dollar rose another 2 cents but since then, it has settled back down to 80 cents US. Oil has also gained back a lot of ground since 2015.…
Current Events “Unemployment” In a recent article posted by USA Today author, Paul Davidson, he states that the applications for unemployment aid have reached its lowest in a staggering 42 years. This shows that the job market is becoming stronger and unemployment rates are now comparable to 1973, when President Nixon was in control in the White House. The economic theory being tested is that if the American job market is as strong as before. This is proven to be true since the unemployment rate has dropped back to America before the massive economic crisis occurred.…
Unemployment Definition Unemployment refers to the situation whereby individuals want to work however are unable to secure employment, therefore resulting in the underutilization of an economy’s labour supplies. Measurement Unemployment is measured monthly and is calculated by:…
Explain the ideas of ‘social construction’ and the ‘sociological imagination’ and apply them to how unemployment is commonly understood as a social problem in Australian society. Introduction Social construction and the sociological imagination are concepts within psychology that apply to societal perspectives that have developed over time throughout generations. As one perceives aspects of life as bogus ideals in society, only significant because they are given that stature; the other widens our perspective as it allows us to view the world as a bigger picture through a non-bias lens therefore enabling us to analyse and examine our social world. In the case of Unemployment in Australia, it is seen by many as a dispute between two opposing…
The relationship between low-income wages and the quality of life is an unorthodox paradigm; however, the phenomenon explores how minimum wage earners are affected. While several areas are encompassed by low income, a comparison of the human behavior and social groups, provides insight on how minimum wage earners are affected by each. The impacts of low-income stem from two significant factors; 1) Smith’s (2015) theory from a psychological perspective, which includes four elements, education, healthcare, public housing and social interaction; 2) Rogers’ (2014) theory about the minimum wage laws and social equality, which compliments Smith’s theory from a social outlook. According to Smith’s theory, indicators that are impacted by low income,…
1. How does a high unemployment rate or high inflation affect the way that Americans vote? Is there logic behind how voters view the parties in regard to addressing unemployment or addressing inflation? Why are the parties and elected officials limited in how they can affect the economy? Explain.…
The Great Depression was the most economic downfall in the United States which affected not only the nation but the entire world. This crisis began with the stock market crash of 1929 which caused major failures in output, severe unemployment, and serious deflation worldwide. On Black Tuesday, October 29, 1929, the market lost $14 billion, making the loss for that week an amazing $30 billion. While that may be considered a very little amount present day, thirty billion dollars would be equivalent to $377,587,032,770.41 today. In industrialized countries, a quarter of the labour force was unable to find work in the early 1930 's.…
Introduction A social problem, also known as a social issue is a condition viewed as undesirable by some members of the community. It is also an issue opposed by quite a good number of people in the society. There are several social problems affecting the society today. On one hand, some people may view these social issues as major problems, and on the other hand, some may not see it as a minor problem.…
"Currency War and its Impact on the Global Economy" 1.) Introduction: Currency war or competitive devaluation, is a situation in which countries try to gain a trade advantage over other countries by causing the exchange rate of the domestic currency to fall in relation to other currencies. Every country would want to prosper, but why does it depreciates its currency? There are 3 reasons: Firstly, to boost the exports. Secondly, to reduce the trade balance deficit and thirdly to reduce the debt burdens.…