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OTE2601 Assignment 1 (DETAILED ANSWERS) 2024 - DISTINCTION GUARANTEED
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OTE2601Assignment 1
(DETAILED
ANSWERS) 2024 -
DISTINCTION
GUARANTEED -
DISTINCTION
ADMIN
[COMPANY NAME]
, OTE2601 Assignment 1 (DETAILED ANSWERS) 2024 - DISTINCTION
GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines,
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QUESTION 1 In 2020, the world was devastated and ravaged by the
unprecedented Corona Virus (Covid-19) pandemic. Most businesses closed-
down; which resulted in serious loss of jobs to certain employees whilst some
business put employees on contract or retrenched them. While conducting an
oversight visit in Port Elizabeth on Thursday, honourable President Cyril
Matamela Ramaphosa; noted that while the lockdown had managed to flatten
the virus’ curve, the focus, going forward, needed to be on restarting the
economy which had suffered greatly under the Disaster Management Act’s
restrictive regulations. President Ramaphosa’s engagement with NEDLAC on
Friday signified the start of a gradual easing process which was expected to
culminate in a district-based move to Level 3 lockdown before the end of May.
Health Minister Zweli Mkhize had, however, warned that regions which were
unable to prove their medical readiness amid burgeoning caseloads would
likely remain exempt from lower-level reprieves. Prior to that; the rate of
unemployment was sky rocketing in South Africa. Study the figure below. 1.1.
In your opinion, what would you consider to be the results of unemployment in
any country (15) 1.2 Causes of unemployment (15) 1.3 Solutions to
unemployment (15) 1.4 The role of Trade Unions in the economy of a country
(15) [60]
1.1 Results of unemployment in any country:
Unemployment in any country can have far-reaching consequences, impacting both individuals
and the broader economy. Some of the key results of unemployment include:
1. Economic downturn: Unemployment leads to a decrease in consumer spending, which can
further depress economic growth and exacerbate recessionary trends.
2. Poverty and inequality: Unemployment often results in financial instability, leading to poverty
for affected individuals and families. This can widen the gap between the rich and the poor,
increasing socioeconomic inequality.
3. Social unrest: High levels of unemployment can contribute to social unrest, as frustrated
individuals may engage in protests, crime, or civil disobedience in response to their economic
hardships.
4. Mental and physical health issues: Unemployment is associated with increased stress, anxiety,
depression, and other mental health problems. It can also lead to poorer physical health outcomes
due to reduced access to healthcare and increased risk factors associated with poverty.
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