Download - Effects of unemployment on economy
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Effects of Unemployment on Economy
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Unemployment Classification of Unemployment Causes Effects of Unemployment Measures of Unemployment Unemployment and Economic Growth Solutions
Contents
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Unemployment refers to thesituation in which the workers do not get employment.
Unemployment
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Classification of Unemployment
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Unemployment
Involuntary
Voluntary
Disguised
Demand Deficiency
Seasonal
Structural
Frictional
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Unemployment that results when resources decide to leave one job often in search of another.
Voluntary Unemployment
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The contrast to voluntary unemployment is involuntary unemployment in which resources are forced out of work , also known as Forced Unemployment.
Involuntary Unemployment
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It results because it takes time for workers to search for the jobs that best suit their tastes and skills.
Frictional Unemployment
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Structural Unemployment arises because the number of jobs available are insufficient.
Structural Unemployment
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Seasonal unemployment occur when an occupation is not in demand at certain season.
Seasonal Unemployment
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It arises when people are out of work because of lack of aggregate demand.
Unemployment due to Demand Deficiency
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When people do not have productive full-time employment, but are not counted in the official unemployment statistics.
Disguised Unemployment
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High Population Growth Absences of employment opportunities Increasing turnout of students from universities Slow developing industries Inflation Recession Changes in technology Willingness to work Disability Discriminating factors
Causes of unemployment
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ECONOMIC EFFECT1. Wastage of human resources2. Low income3. Low saving4. Low capital formation5. Low living standard6. Low lobour productivity
Effects of Unemployment
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Social Effect1. Wide gap between rich and poor\class conflicts2. Social unrest3. More illegal activities
Effects of Unemployment
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At Individual Level1. Mental stress2. Loss of self esteem3. Directly linked to poverty
Effects of Unemployment
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Employed Any person 16 years old or older 1. who works for pay, either for someone else or in his
or her own business for 1 or more hours per week,2. who works without pay for 15 or more hours per
week in a family enterprise, or 3. who has a job but has been temporarily absent
with or without pay. Unemployed A person 16 years old or older who is
not working, is available for work, and has made specific efforts to find work during the previous 4 weeks.
Measuring Unemployment
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Encouragement to small enterprises Subsidies on the basis of employment Encouragement of new growth centers in small towns
and rural areas
Solutions
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Increased government expenditure Lower taxation Lower interest rates Employment subsidies
Unemployment can be Reduced by
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CONCLUSION
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