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Unemployment:
Thousands of people in the labor force become unemployed because of the numbers of factors like recession and technology advancement. Unemployment is not just a term it is much more complex than being unemployed or employed. The reasons or factors of four individuals will indicate this fact in detail. There are different types of unemployment like frictional, seasonal, cyclical and structural unemployment. These types are categorized on the basis of factors causing them. For instance, Marcelle is facing cyclical unemployment as the economy is in recession. Cyclical unemployment is the type which is caused due to the downturns in the business cycle. Marcelle is laid off as production of the factory was decreasing due to which demand for labor also decreases. Recession causes an increase in the unemployment rate as labor demand decreases due to inflation. She can avail the unemployment benefits if she qualifies for unemployment by proving her issue. She has to prove that she is willing to work and actively finding a new job. In addition, the reason for being unemployed is that she was laid off which is not her fault.
Dominic is facing unemployment as he decided himself to quit his job to move to a new place. However, it is not cleared that how much he is willing to find a new job. He can qualify for unemployment benefits if he proves that he has to quit his job just because he has to settle in New York and he is looking for a new job there. In this perspective, he is facing frictional unemployment which is caused when an individual has to quit a job for moving to a new place and is willing to work. Besides, if Dominic pulled himself from the workforce by not looking for a new job then he cannot be qualified as unemployed ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"Pj7Ak1lk","properties":{"formattedCitation":"({\\i{}EconPort - Types of Unemployment})","plainCitation":"(EconPort - Types of Unemployment)","noteIndex":0},"citationItems":[{"id":735,"uris":["http://zotero.org/users/local/rVaVAHaF/items/ZA6BE26E"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/ZA6BE26E"],"itemData":{"id":735,"type":"webpage","title":"EconPort - Types of Unemployment","URL":"http://www.econport.org/content/handbook/Unemployment/Types.html","accessed":{"date-parts":[["2019",7,19]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (EconPort - Types of Unemployment).
Francine is facing seasonal unemployment. It is the type of unemployment which is caused by the decrease in the demand for labor at certain times of the year. She was working in the ski resort during winter. In summer tourist does not come to ski resort due to which resort is closed. She cannot qualify for unemployment benefits because she is out of the labor force on her will. She does not want to work and decided to rejoin the ski resort next winter. When an individual is not willing to find a job he considered as a discouraged worker. Discouraged workers are those workers who stop looking for a new job and therefore does not consider under labor force. However, she is waiting till winter for a job that makes her neither employed nor unemployed. In addition, she can avail unemployment benefits if she starts seeking a job in summer and proves that unemployment is not her fault.
Beauvoir had a job and he was working as a full-time secretary. He lost his job due to the lack of computer knowledge; therefore, he is facing structural unemployment. Structural unemployment occurs when skilled labors are replaced due to the demand for other skills. Technology advancement is a crucial factor causing structural employment. An individual who does not acquire skills for advance technology often faces unemployment. In the case of Beauvoir, he was replaced by the workers who can work on computers. He can get unemployment benefits because people who face structural unemployment also face difficulty in finding a new job. Therefore, he has an authentic reason to be quality as unemployed as he is willing to work but employers are demanding computer knowledge to qualify. In the long run, he can learn computer skills to find an appropriate job.
Through analyzing cases of four individual it can be concluded that various factors result in unemployment. However, to avail unemployment benefits, it is necessary that individual is willing to work or actively finding a job otherwise he will be considered as a discourage worker who cannot get unemployment benefits ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"McceyEMn","properties":{"formattedCitation":"(\\uc0\\u8220{}Types of Unemployment and the Natural Rate of Unemployment\\uc0\\u8221{})","plainCitation":"(“Types of Unemployment and the Natural Rate of Unemployment”)","noteIndex":0},"citationItems":[{"id":739,"uris":["http://zotero.org/users/local/rVaVAHaF/items/TSW92FY3"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/TSW92FY3"],"itemData":{"id":739,"type":"webpage","title":"Types of unemployment and the natural rate of unemployment","container-title":"Khan Academy","abstract":"Practice what you have learned about frictional, structural, and cyclical unemployment and the natural rate of unemployment in this exercise.","URL":"https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/economic-iondicators-and-the-business-cycle/unemployment/e/types-of-unemployment-and-the-natural-rate-of-unemployment","language":"en","accessed":{"date-parts":[["2019",7,19]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Types of Unemployment and the Natural Rate of Unemployment”).
People Face Trade-off:
In the everyday task, individuals face different situation in which they have to make the decision to choose the best option. The decision making lies on the debate that which option is more beneficial. With the help of the principles of economics, individuals can easily make a decision. The two economic principles include opportunity cost and facing a tradeoff. For my one and last semester for graduation, I have to choose among three electives that are personal finance, public speaking and business writing. Although all three electives are crucial and can help me for making my carrier however I would like to trade-off for personal finance because its opportunity cost is less than the business writing and public speaking. In the future, business-related knowledge will be beneficial to establish own business therefore by choosing personal finance I can apply my knowledge in new business. Public speaking and business writing will bound me for specific professions while personal finance will provide more opportunities.
I believe that by selecting personal finance over business writing and public speaking I can ensure my bright future. In other words, the opportunity cost of the personal-finance will be the lack of participation in writing and public speaking however its benefits are much more than the loses. The trade-off is one of the most crucial concepts in economics because it develops opportunity cost ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"o7m4X3YP","properties":{"formattedCitation":"(Campbell and Kelly)","plainCitation":"(Campbell and Kelly)","noteIndex":0},"citationItems":[{"id":734,"uris":["http://zotero.org/users/local/rVaVAHaF/items/2H2LZNCL"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/2H2LZNCL"],"itemData":{"id":734,"type":"article-journal","title":"Trade-off Theory","container-title":"The American Economic Review","page":"422-426","volume":"84","issue":"2","source":"JSTOR","ISSN":"0002-8282","author":[{"family":"Campbell","given":"Donald E."},{"family":"Kelly","given":"Jerry S."}],"issued":{"date-parts":[["1994"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Campbell and Kelly). By analyzing opportunity cost individual can easily decide which decision is better or have more benefits as I realized that by choosing personal finance I can get more benefits in the form of opportunities, knowledge, and skills.
Work Cited
ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Campbell, Donald E., and Jerry S. Kelly. “Trade-off Theory.” The American Economic Review, vol. 84, no. 2, 1994, pp. 422–26.
EconPort - Types of Unemployment. http://www.econport.org/content/handbook/Unemployment/Types.html. Accessed 19 July 2019.
“Types of Unemployment and the Natural Rate of Unemployment.” Khan Academy, https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/economic-iondicators-and-the-business-cycle/unemployment/e/types-of-unemployment-and-the-natural-rate-of-unemployment. Accessed 19 July 2019.
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