The Role of Unemployment in Today’s Economy

Unemployment plays a very large role in the economy today. Over 13% of the United States is unemployed. However there are different types of unemployment, such as: seasonal unemployment, structural unemployment, cyclical unemployment, and frictional unemployment Unemployment is simply defined as being without a job or the situation where the individual is willing to work a job, even though there is none available. This paper will contain briefings about the matter of unemployment and how it affects our economy as a whole. Economics is briefly defined as the science of how and why people, governments, and businesses make the choices that they do. Under the topic of unemployment, there are three main topics that help explain this term. How it affects our economy, how it can affect individuals as a whole, and what is the opportunity cost, for or not including the labor force.

First off, economics is a very important study when it comes to our nation. If our economy is doing well, we will have more jobs, and we might be in the better part of a business cycle. If our economy as a whole is doing badly, there will be fewer jobs for the people, and most likely means that we are going through a bad time of the business cycle. Unemployment is also a huge factor when it comes to our economy. Not only does it affect our nation as a whole, but it also affects the individuals who are not employed. Unemployment causes multiple negative results. With fewer people working, there will be less goods being produced. Not only goods, but production in other resources will diminish. Without these productions and goods, there are likely to be more taxes on the people due to the fewer incoming goods.

With Unemployment also comes wealth drainage; as defined by an article by Buzzle: “When you are unemployed, the government provides monetary assistance which is partly untaxed. A high unemployment rate means it has to shell out more money from the budget to support a large number of unemployed people, creating heavy burden on the budget and cut-backs in other areas.” Secondly, Unemployment can hurt us as individuals. Individuals who are unemployed may find themselves in positions that they need not be in. for example, any unemployed individuals end up taking out loans, and getting into debt. When you get into debt it becomes obvious that they are going to have a very tough time paying something off, with no money. Seeing as how this is meant to be the working age, unemployment cannot really hurt people who depend on their yearly income. With no income, comes possible debt and other financial issues. Even though there are lay-offs and other reasons that there is so much unemployment, there are also different types of unemployment, which do not necessarily mean that the individual is going to be out of a job for a while.

For example: you have seasonal unemployment, which is when the job is out of season and will not start back up until the appropriate time. Then there is structural unemployment, where the individual cannot find a job due to their skill set. There is also cyclical unemployment, which covers basic lay-offs and etc. Next, is frictional unemployment, which is the time between jobs, when a worker is transitioning from one job to another, or is actively looking for a job. Unemployment has very obvious and subtle effects on individuals. Not only can it affect our economic values, but it can also hurt the individual’s mentality, and health. Lastly, is the opportunity cost of Unemployment, and how the labor force is related to unemployment. There truly is no opportunity cost unless the goal was to reach a lower inflation rate.

The cost of unemployment is high and can lead to a very inefficient economy. Unemployment costs a loss of earnings to those that are unemployed, a lower GDP for the economy which is inefficient for the economy and leads to lower outputs and incomes. Unemployment is also a leading cause in terms of crime and violence. Especially in areas of high unemployment, there will be increased vandalism, theft, and other criminal activities. Also, unemployment is related to the labor force. The labor force is the portion of people who are actively searching for jobs, whereas people who are unemployed and out of the labor force, have given up looking for a job whether it be a permanent idea or temporarily. Unemployment can be reduced significantly within our nation, if we can create more jobs for the hard working people that are willing to fill the open positions. With more jobs come more ability to help our economy grow as a whole. In conclusion, while unemployment, is a big issue in our economy as an individual, or even as a nation, there are always ways of overcoming this problem.

For example, we can always attempt to create more jobs. Even though we might need to replace mechanical AI, in order to add jobs, it might be better for the economy as a whole so that everyone will be able to make money as a whole. Although, Opportunity cost is also a big problem that the people, business owners, and governments will have to deal with when deciding how to create the best jobs for people who are unemployed. To finish, unemployment has its own Biblical integration. There are many books that give verses relating to unemployment in the Bible. However each verse is not necessarily a concern for the nation but is dependent on the individual. Most of these verses say, that those who have their faith and salvation in God only need to depend on God and He will provide for our needs in our time of trouble. This time could be when we are unemployed, or when we are going from job to job. All that is important whether employed or unemployed, is that God is in control, and he will provide to all who seek His aid.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyhomeworkGeeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business and administrative studies
Thanks
Customer 452773, March 3rd, 2023
business
Great job
Customer 452773, February 13th, 2023
Management
Love this writer!!! Great work
Customer 452597, April 5th, 2021
Business and administrative studies
excellent job
Customer 452773, March 12th, 2023
Nursing
Impressive writing
Customer 452547, February 6th, 2021
Business and administrative studies
excellent work
Customer 452773, March 12th, 2023
Business and administrative studies
Excellent job
Customer 452773, March 9th, 2023
Leadership Studies
excellent job
Customer 452773, August 3rd, 2023
Business and administrative studies
Thank you for your hard work
Customer 452773, October 19th, 2023
Human Resources Management (HRM)
excellent
Customer 452773, June 25th, 2023
Business and administrative studies
perfect
Customer 452773, February 23rd, 2023
English 101
great summery in terms of the time given. it lacks a bit of clarity but otherwise perfect.
Customer 452747, June 9th, 2021
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Close

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp