Traveling the world to adapt to a new culture, to try new things, and to enjoy a new experience has always been a desire of mine. My motivation on choosing the topic of unemployment is to see what other countries are doing differently than the United States of America (USA). The USA has a lot to offer, including job opportunities, resources, an education system, and also a better way of living. Focusing mainly on job opportunities, what does the other country have to bargain? The questions that will be answered are what causes the unemployment rate in these five countries, New Zealand, Mali, Japan, France, and the United States, to increase or decrease and what can be done to lower the unemployment rate and also to keep it consistent?
According to the Bureau of Labor Statistics (2012, para 2), unemployment is defined as someone who is currently out of work, someone who has been actively looking for employment within the last four weeks, and someone who is currently available for work. In this course textbook, Principle of Macroeconomics, there were three main types of unemployment listed; which were frictional, structural, and cyclical. Frictional unemployment is, when workers leave there old job, without having another set in stone. Structural unemployment happens when an economy shift occurs, creating a mismatch in skilled workers and skills …show more content…
In the words of Economics Essays (2007, para 2) their labor markets are more inflexible, meaning it’s harder to hire people and it’s also harder to fire people. The more people they let go the more work the other employees have to pick up and they won’t be paid at their real wage earned. On the contrarily, the more people they hire the less money they have to offer them. Therefore this discourages firms from investing. Another cause of unemployment is powerful trade unions, causing wages to push above the equilibrium and therefore causing real wage
According to the Bureau of Labor Statistics (2012, para 2), unemployment is defined as someone who is currently out of work, someone who has been actively looking for employment within the last four weeks, and someone who is currently available for work. In this course textbook, Principle of Macroeconomics, there were three main types of unemployment listed; which were frictional, structural, and cyclical. Frictional unemployment is, when workers leave there old job, without having another set in stone. Structural unemployment happens when an economy shift occurs, creating a mismatch in skilled workers and skills …show more content…
In the words of Economics Essays (2007, para 2) their labor markets are more inflexible, meaning it’s harder to hire people and it’s also harder to fire people. The more people they let go the more work the other employees have to pick up and they won’t be paid at their real wage earned. On the contrarily, the more people they hire the less money they have to offer them. Therefore this discourages firms from investing. Another cause of unemployment is powerful trade unions, causing wages to push above the equilibrium and therefore causing real wage