Unemployment to me meant the number of people of age available to work that cannot due to not being able to find jobs, which is why they are unemployed. For me the definition seemed so simple, the word defines itself, but in theory it is a whole lot more than just that, having so many different types of unemployment for example frictional unemployment, structural unemployment, and cyclical unemployment.
I believe that there is no way to have the unemployment rate 100% right but I do believe it is the best we can provide with the information we receive. There are people working jobs that are illegal, or under the table, which throws off the statistics, but in the end it will always be like that and the ...view middle of the document...
3. What trade-off(s) exist with unemployment in the short run and the long run?
Trade offs that exist in the short run with unemployment is inflation rate increasing, this due to the unemployment being high the government does everything in his power to help for example having job fairs and hiring more to decrease the unemployment, the down fall is that the dollar decreases due to inflation but the plus is people will be unemployed for less time. Long term it is not much different other than more jobs do come up over time from new businesses, or retirement.
4. Do you think one type of unemployment is worse than others and why?
I believe that structural unemployment is the worst because people are either not well educated enough or they lack the skills or experience for jobs available. For example now a days if one does not have experience in the field they are applying for or even studied it is hard too find a job, but in order to get the experience they need to start somewhere which is the hardest part of starting out.
5. What can governments do to assist in reducing this type of unemployment?
The government can provide more paid internship options or co op even at a minimum wage pay to get that experience people need to start out in the field they studied rather than having all of these young adults with post secondary education doing something that has so significant to their schooling. Also they could help work places train employees so they do meet the standard skill sets they need to succeed, providing classes or programs to help educate them for their specific job rolls.