Running head: UNEMPLOYMENT 1 Yingying Yang 50167620 Unemployment among College Graduates Introduction Unemployment is a situation where a person willing and capable of working is unable to get a job. It is the situation where individual actively searching for employment fails to acquire the opportunities despite the high levels of qualification. Unemployment can be involuntary or voluntary. Voluntary is where individuals quit their jobs with the aim of looking for better and lucrative opportunities. Involuntary is where an individual has been laid off by an organization and is seeking for a new employment opportunity. Unemployment is mainly common among the freshly graduated individuals from the university and college. Recent college graduates have failed to find jobs after graduation. The unemployment rate among the recent college graduates, however, varies depending on the area of specialization. Individual majoring STEM degrees such as mathematics, engineering, and computer sciences have a better employment chance than other majoring in non-technical courses. Labor market is an environment where employees get willing employees and employees find paying jobs. A labor market is also associated with the determination of rates and wages. College degree is a basic requirement in the labor market. Degree is the acquisition of specific skills in particular sectors of the economy. Different companies mainly employee individuals UNEMPLOYMENT 2 with degrees from colleges. Individuals without a degree are considered less fortunate within the labor market. Individuals without labor degree are outside labor force since the employers do not consider them. Employers in the various sectors of the economy require employees with basic college degrees. This has ensured the available jobs are out of reach to individuals without a degree. Skill requirements for various employment positions have evolved over the years. This results in the increase in the requirement of a degree course by the employers. The labor market is, therefore, very inappropriate to people without a college degree. Opportunity cost is the value of the alternative foregone to pursue a specific action. Opportunity cost involves the alternative value an individual would have enjoyed by pursuing the alternative action. The opportunity cost of attending a college comprises of both monetary and time values. The opportunity cost of attending college involves the time the student could be doing business or investing in other pursuits within the economy. Going to a college involve payment of fees, purchase of books and living expenses. The opportunity cost of attending a college, therefore, include the money an individual could be generating from another job if not going to the college. Technical courses perfume well in the labor market. Specialization in courses that directly affect the development and growth of the economy ensures high absorption rate in the labor market. Employers highly prefer courses such as economics, mathematics, engineering, and computer. My major greatly affects the long-term earnings. As an economics major, am hopeful of acquiring a well-paying job in the future. Economics is significant degree since it captures areas such as finance, statistics, human resources, sales, planning and performance of the organization. It is required in different departments such as finance, statistics, and planning which are fundamental to the growth of the economy. UNEMPLOYMENT 3 The cost of college education has significantly increased in the recent years. However, it is very fundamental to consider the degree to pursue while at the college. Not all levels are equal regarding return on investment. The majors with the lowest return on investment include fine arts, sociology, religious studies, and hospitality. The return on investment of a degree course is determined by calculating the difference between total cost of investment on the course and the expected return from the employment. I have formulated various procedures to maximize my marginal benefit from UB education. I have ensured the development of business plans to ensure the investments in other enterprises. This improves the return on investment as the return is generated from both the employment and the business. I am also planning to invest in higher education levels to improve my employment standards, wages, and rates. Conclusion Degree is very imperative as it enables individuals to acquire jobs within an economy. People with degrees are very competitive in the labor market. However, it is of much significance to pursue degree courses with high rates of return on investment. This will not only ensure the personal growth of individuals but also boost the growth of the economy. Homework # 6. Submit your answers on a one page, printed document, submitted by you, in class. Format: Single space, twelve point font, one inch margins. Your full name and UB person id should be on the top of the page. Use the entire page. No handwritten homework’s. Late homework’s shall not be accepted. Assignment: Page 214 & 215 of Parkin’s 12th Edition of Microeconomics discusses Paper books vs. e-Books. Discuss: 1) The concept of best affordable point as it relates to the two goods. 2) How do indifference curves impact choices? 3) What happens to the budget line when the prices for e-Books fall? Make sure you: 1) Introduce your topic. 2) Answer the questions. 3) Conclude and summarize your thought(s) on the subject.
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