The Effects Of Unemployment On The Economy - 1656 Words

An economic problem can be defined as a fundamental idea that a scarcity of resources exists in the economy. This means in the sense that only finite and insufficient resources are available to satisfy the needs and wants of all human beings. Since resources are scarce the basic idea revolves around how resources should be allocated and utilized effectively and efficiently. Moreover how resources can be put to use to give out a maximum efficient output. Human beings are one of the greatest resources present in the economy. The underutilization of human beings in terms of their expertise as a medium of economic development and progress is one of the leading problems not only just in the United States but also around the world. One of the major problems faced in different economies all around the world is unemployment. Even though the idea of unemployment may seem to be a usual day-to-day problem, the effects of unemployment are adverse on the health and well being of an economy In the United States; unemployment has been fairly low (5% or lower) for much of the past two decades. However even a low unemployment rate affect and undermine economic growth. Let us examine what unemployment means; Unemployment is a situation when there are simply not enough jobs for people who wish to have one. Every economy in the world has some unemployment because people leave jobs (by their choice or against their will) and are usually unemployed for a time before they find new employment.Show MoreRelatedUnemployment And Its Effects On The Economy1452 Words   |  6 PagesUnemployment occurs when a person who is actively seeking employment but unable to find work. It is often used as measure of the health of the economy and has been one of Australia’s most serious long term economic challenges in recent decades. 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The unemployment rate is expressed as a percentage and is calculated as follows: Unemployment rate= UnemployedRead MoreYouth Unemployment And Its Effects On The Economy990 Words   |  4 PagesBurkett Level 9 Reading Writing 22 February 2017 Youth in Unemployment in Saudi Arabia Unemployment is a phenomenon that occur in any country across globe. It considers as very essential topic because its effects on the country. The unemployment rate is one of the most prominent issues discussed today by politicians, news commentators, and economists. Therefore, higher unemployment rate between youth could affect the economy, politics, and other factors. Many countries across the globeRead MoreUnemployment and Its Effect on the Economy and Society3088 Words   |  13 PagesUnemployment is an ongoing problem throughout the world. One may asked, what is unemployment? It is the number of persons who are willing and able to work but are unable to find jobs. 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It is a big challenge the country Nigeria has battled with for years now and has maintained a rising trendRead MoreThe Problem, Unemployment, Occurred Of China And Its Effect On Economy941 Words   |  4 Pages Introduction: In contemporary China, the flourish economy is of great benefits to many industries such as agriculture, urban housing, taxation and medical care, GDP have a buoyant trend at 7.5%, which causes a spurious fact that too many job opportunities can be created by the enhancement of living standard. However, the statistics from World Bank shows that the GDP of China have a slow upward on economy growth in the past decades, which from 11.4% to 7.4%, the year between 2007 and 2008 dramaticallyRead MoreThe Effects Of Unemployment On The United States942 Words   |  4 PagesOver the course of many years the United States has done a very good job of creating and supplying jobs for the citizens. This could be an effect of our economic standings or is there a reason other countries do better than others? There are many countries that are doing better than the United States in the aspect of unemployment, but the US currently has a very low rate of 4.8% (List of Countries). The cou ntry that is currently doing the best is Qatar with a rate of 0.4%. This could be for many