Definition Of Unemployment Essay

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The definition of Unemployment In the most obvious sense, means "being without a job." Unemployment is when failing to get work that gets salaries paid in money. Also, unemployment is one explanation of the economic condition of people at any given time. When we have low unemployment that means the popular of the labor force is working on, or looking for secure work. Then again, when there is high unemployment, that’s when the sign of an economy is in recession, or worse. When the unemployment rate is high, this means that a substantial part of the labor force is not working. There are many reasons for unemployment to happen. Anyone can be laid off for beyond a week or perhaps forever. I will explain some types of unemployment and a possible …show more content…
One reason this happens is due to the demand of a certain skill that is required and not many people have the skill in that particular region. The skills desired in work are not the same to the skills needed in a service or information economy, which need a significant amount of education and technological familiarity and skills. Now a day on of the most popular demand on a job is computers. The older generation might not be as skilled and familiar with the new technology and that would make it harder for older generations to find employment now because most of the companies now a day they would need computer skills. One of the ways to reduce the structural unemployment would be to make some changing in the policies. Another way would be like the book mentioned Businesses can hire more contractors for …show more content…
When there is a big gap in your resume, a lot of the companies would not take you in consideration and would have a hard time getting a job. Unemployment affects the entire economy regardless if you are employed or not. With this said the Businesses will be affected since people will have less money to spend and they will lose business. With this would only make it worse because when business doesn’t make money they would have to lay people off. When this happens unemployment goes up and the amount that people spend drops. The cyclical effect of unemployment is the reason for government-issued economic stimulus packages. Reasoning proposes that when people have more money, they spend it, in that way motivating the economy and making the job

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