Exam (elaborations)
OTE2601 Assignment 1 (ANSWERS) Due 3 May 2024
- Course
- Institution
OTE2601 Assignment 1 Due 3 May 2024
[Show more]
Seller
Follow
MiMemo
Reviews received
Content preview
Assignment 1QUESTION 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
The results of unemployment in any country are multifaceted and often severe. They
can include:
, Economic downturn: High unemployment rates can lead to decreased consumer
spending, reduced tax revenues, and overall economic stagnation or recession.
Social unrest: Unemployment can exacerbate inequality, increase poverty rates, and
contribute to social tensions within a society.
Mental and physical health issues: Job loss can lead to stress, anxiety, depression, and
other mental health problems. It can also impact physical health due to factors such as
reduced access to healthcare and increased substance abuse.
Loss of skills: Prolonged periods of unemployment can lead to skill degradation or
obsolescence, making it more difficult for individuals to re-enter the workforce when
opportunities arise.
Demographic challenges: High unemployment rates, particularly among youth or
certain demographic groups, can have long-term consequences on a country's
demographics, including delayed family formation and population aging.
1.2 Causes of unemployment
Economic recession or downturn
Cyclical unemployment occurs when there's a contraction in the economy, leading to
reduced demand for labor across various sectors.
Technological advancements
Automation and technological innovation can lead to job displacement as tasks become
automated or outsourced.
Structural changes
Shifts in industries or changes in consumer preferences can render certain skills or
occupations obsolete, leading to unemployment in affected sectors.
Inadequate education or training
A mismatch between the skills demanded by employers and those possessed by job
seekers can result in unemployment.
Government policies: Regulations, taxes, and labor market policies can influence the
level of unemployment by affecting hiring decisions and business operations.
1.3 Solutions to unemployment
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MiMemo. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.84. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
60904 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now