Economics Essay

2841 Words Nov 5th, 2012 12 Pages
Unemployment: An evil necessity?
1. Introduction By definition economics is “a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” And as with other types of sciences, economics contains many beliefs and theories that may be difficult to understand, yet are essential in the “day to day” decision making for many people. But also like other sciences, economics has evolved into what it is today. And it will continue to evolve as the practitioners of the science debate, test and discover better and more efficient way to “analyze the data.” Perhaps more than any other time in our nation’s history, people have personally seen the effects of economics. One of
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Multiple times throughout our life either you or someone you know will be directly affected by unemployment. The hope is that as we learn more about it, we can make the steps necessary to avoid being part of it in the future. There are many conditions that play pivotal roles that influence the rate of unemployment. Such factors include wages, labor, demand, consumption and technology. In the next section, I will briefly explain what unemployment is and the different “types” of unemployment generally seen in the economy. Section three discusses types of unemployment seen through the years. It shows the different “forms” they take and how it has evolved until today. Section four will discuss some of the different ideas learned through economic thought over time, how it relates to unemployment seen during its time period as well as in the present day. Section five will conclude the paper by briefly reviewing some of the important points that were discussed.
2. The Major types on unemployment
Unemployment is defined by Webster’s as “the total number of people who do not have jobs in a particular place or area” We know that unemployment consists of more than just that simple explanation. There are two main types of unemployment; voluntary and involuntary. Frictional unemployment falls under voluntary, whereas involuntary consists of structural unemployment, cyclical unemployment, and classical unemployment,
Frictional unemployment-

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