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Summary Unemployment Causes and Effects R70,00
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  5. Economics

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Summary Unemployment Causes and Effects
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Unemployment causes and effects are vital to recognize in order to solve the problem. Analyzing them can also allow people to realize what consequences are to expect. Yet, first of all, all the essential terminology should be defined.

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  • January 25, 2023
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  • 2022/2023
  • Summary

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Unemployment Causes and Effects Essay
Introduction
Unemployment causes and effects are vital to recognize in order to solve the problem.
Analyzing them can also allow people to realize what consequences are to expect. Yet,
first of all, all the essential terminology should be defined.

Unemployment refers to a state of not having a job. It entails individuals with the ability
to work, a resolve to find employment, available and in the hunt for employment (Stone
25). Categories of unemployment include classical, structural, frictional, cyclical, and
hidden types.

Classical unemployment entails a situation in which earnings received for a job go
beyond ordinary levels. This results in limited job vacancies for people. The structural
type refers to a situation in which unemployed individuals fail to meet job requirements
in terms of skills needed (Stone 29). Frictional unemployment concerns the changeover
phase between jobs, while the cyclical one refers to a state in which claims in the
economy fail to offer jobs to people. When the claim for goods and services lowers,
there is a limited production that requires few workers (Stone 29). Finally, the hidden
type refers to the unemployment of prospective workers due to errors made in
generating statistics on the subject (Stone 30).

The causes and effects of unemployment impact individuals, society and the economy
in general. The overall problem issue results from various factors relating to social,
economic, environmental, political and individual elements in an economy. So, to gather
both consequences and causes of unemployment, this essay attempts to consider and
analyze them separately.


Causes of Unemployment
Unemployment results from several causes and factors related to an economy. Some
causes are due to personal choices while others are beyond individual control (Stone
31). People invest many resources in gaining reputable education and eligibility for jobs,
but often find themselves with no employment (Stone 34). Unemployment results from
factors and causes discussed below.

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