Columbia Southern University Unemployment in The US Essay

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wys2obl

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Economics

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Columbia Southern University

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Write a minimum of a five-page essay, using proper APA format, on the topic of unemployment in the U.S. Use a minimum of three scholarly sources. You have the freedom to take any aspect of unemployment that you desire to research.

All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.

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UNIT IV STUDY GUIDE Unemployment and Inflation Course Learning Outcomes for Unit IV Upon completion of this unit, students should be able to: 4. Examine the effects of unemployment and inflation on the economy. Reading Assignment Chapter 7: Unemployment and Inflation Chapter 8: Productivity and Growth Unit Lesson One would think that unemployment and its measurement would make it easy to determine who is unemployed and what the national rate of unemployment is. However, it is a complex issue and one that has multiple factors for consideration. We will consider a few of the issues to tweak our interest for further readings. As of July 2015, the “U.S. unemployment rate drops to 6.1%” (Randle, 2014). Is this considered a good unemployment rate or a bad one? Is 6.1% a high number or a low number? Should the goal for political leaders be 0% unemployment? There are questions that need to be considered and are best viewed through economic theories. The definition of who is unemployed is agreed upon, but there is much argument about who should be included or excluded. Should a 16-year-old looking for a job be included or excluded? Should a 70-year-old, who just lost his or her job, and is actively looking for a job, be counted? What about a 62-year-old, who after years of trying to find a job, gives up and stops looking; should that person be counted? Oner (2010) gives a summary of definitions of who is unemployed. In the U.S., to be counted as unemployed one must be out of work and in active pursuit of a job, such as applying for jobs or sending out resumes. How does the government collect the unemployment statistics? Oner (2010) states that the government sends out a monthly survey of 100,000 individuals based on statistical sampling. This sample includes those looking for work and those that are unemployed. Yes, it is self-reported and is defined as the percentage looking for a job. Who is excluded from being considered unemployed? If one does want a job and is of working age, he or she is not included. If one has been unemployed for a long time and no longer looking for work, this group is not considered as unemployed. If one has a job that is part-time or is self-employed but did not receive pay in a prior pay period, these would be considered to be employed, and this can cause inflated employment numbers (Oner, 2010, para. 3-4). Consider the classifications for unemployment: frictional, seasonal, structural, and cyclical. By viewing through this scheme, one can grasp where unemployment is coming from and develop economic policies to address. Each classification above likely would take a different tactic to address. Frictional unemployment is essentially the time from when one loses one job until one finds find another job. This is considered natural and occurs as it takes time to interview, find a job, be selected, hired, and start work. The match between job market and worker finding each other is natural. BBA 2401, Principles of Macroeconomics 1 Seasonal unemployment occurs because a unique market may require more or lessxworkers UNIT STUDY during GUIDEpart of the year. For example, in south Florida fruit pickers are seasonal workers. In your Titleown area where you live, one will note the need for seasonal workers in many retail stores during December for the shopping season. Structural unemployment means that the workers in one area no longer have the skills needed for the current set of jobs in an area. For example, if in North Dakota there is an oil boom, and the demand is high for oil workers, but the current work force was trained to do textiles, this creates a mismatch or structural issue that must be addressed by training, labor force moving, or other types of structural adjustments. Cyclical unemployment comes because of expansions and contractions in the general economy. In a contraction, demand goes down, and the amount of labor needed to produce the goods and services that are being demanded, resulting in excess supply of labor, and thus, unemployment. As one studies the readings on unemployment and inflation, consider the economic factors, how these factors affect you, your family, your neighborhood, your country, and the world. View what you consider through the lenses of the models studied. References Oner, C. (2010). Back to basics: What constitutes unemployment? Finance & Development, 47(3), 48-49. Retrieved from http://www.imf.org/external/pubs/ft/fandd/2010/09/basics.htm Randle, J (2014, Jul 04). US unemployment rate drops to 6.1%. Voice of America. Retrieved from http://www.voanews.com/content/us-unemployment-rate-drops/1950501.html Suggested Reading Click here for the Chapter 7 Presentation in PowerPoint form. Click here to access a PDF version of the presentation. Click here for the Chapter 8 Presentation in PowerPoint form. Click here to access a PDF version of the presentation. Learning Activities (Nongraded) Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit them. If you have questions, contact your instructor for further guidance and information. The online tutorial below [link to MyCourseTools tutorial of same name] focuses on specific topics in Unit IV. The Costs of Inflation https://media.pearsoncmg.com/pcp/pls/pls_mycoursetools/fufillment/mct_1256689785_csu/prin_macro/redire ct_01_pm_l09_t03.html BBA 2401, Principles of Macroeconomics 2
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Explanation & Answer

Attached.

Unemployment in the United States outline
Thesis statement: There are diverse factors that contribute to unemployment, including domestic
factors, government regulations, and trends in the market, which are aspects that have adverse
effects on the economy.
I.

Introduction

II.

Factors that promote unemployment in America
a. Economic factors
b. Technological trends
c. Government’s policies
d. The increased rate of education attainment
e. Outsourcing trends by companies

III.

Effect of unemployment and inflation in the American economy

IV.

Conclusion

Running head: UNEMPLOYMENT IN THE UNITED STATES

Unemployment in the United States
Student’s Name
Professor’s Name
Course
Date

1

UNEMPLOYMENT IN THE UNITED STATES
Unemployment in the United States
Statistics revealed by Oner (2010) showed that as of 2009, approximately 200 million
individuals were looking for employment in America. To understand this phenomenon, Oner
defines an unemployed person as an individual who does not have a job and is actively looking
for one. Currently, the unemployment situation affects economic growth due to reduced spending
practices, which increases profitability in businesses. Apart from the economic impact,
unemployment results in financial, emotional, and psychological distress to the victims and the
people that rely on him/her. There are diverse factors that contribute to unemployment, including
domestic factors, government regulations, and trends in the market, which are aspects that have
adverse effects on the economy.
Factors that promote unemployment in America
Based on facts presented by Plecher (2020) and Oner (2010), Americans experienced a
high rate of unemployment in between the years 2008 and 2009 and alarmingly peaked the
following year, 2010. During this year, the rate or unemployment showed a 9.25% increase,
which was contributed by the financial crisis in the country. Despite there being significant
improvements in the previous years, such as a drop of the rate to 3.87%, in the year 2019, there
is still that significant number of individuals that are yet to get jobs (Plecher, 2020). Hence
understanding aspects that promote unemployment is crucial for it could enlighten the reader or
leaders in the country on ways to solve the problem.
Economic factors
First, poor economic activities in...