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GEN 499 General Education Capstone Final Paper Unemployment and Lack of Economic Opportunities 2023 November $10.09
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GEN 499 General Education Capstone Final Paper Unemployment and Lack of Economic Opportunities 2023 November
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GEN 499 General Education Capstone Final Paper Unemployment and Lack of Economic Opportunities 2023 November

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  • November 30, 2023
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  • 2023/2024
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  • gen 499 general education capstone
  • gen 499 general education capstone final paper une

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Unemployment and Lack of Economic Opportunities




Leah Silas

University of Arizona Global Campus

GEN 499 General Education

Capstone Meghan Gilson

20 November 2023

, 2




Unemployment and Lack of Economic Opportunities

Unemployment has been on the increase despite the numerous actions by the government

to create jobs. Unemployment highly depends on economic activities; when economic growth is

low, then unemployment increases and vice versa. Issues relating to industrialization, such as the

automation of informal jobs in the manufacturing sectors, have contributed to unemployment.

Additionally, the COVID-19 pandemic and its related measures increased the already existing

risk of unemployment and lack of economic opportunities (NGUYEN et al.,2020). Globally,

unemployment and lack of economic opportunities have been linked to race or ethnicity,

education inequality, psychological issues, and poverty. The existing gap in job opportunities has

led to the current economic problems relating to poor social amenities, low economic growth,

and income inequalities. Classical economic theory implies that all markets have an equilibrium

point where demand and supply are equal; this applies to the labor market (Inoua, Smith, 2023).

However, the existence of unemployment indicates that global labor markets, the supply of

labor, and the demand for labor have failed to reach equilibrium. Therefore, there is a need for

the government to enact practices that will significantly solve these issues through job creation,

job training, and enhanced investments.

Background

The labor market has often been affected by the economic conditions of the country,

pandemics, and the digitalization transformations of manufacturing companies. Many people are

not career-driven but rather depend on the skills gained, and they thus fall under the informal

sector. However, these are the people who are rendered jobless by the automation of most

businesses; machines are replacing people. Moreover, the formal sector of skilled workers is

also

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