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Mgt330

In: Business and Management

Submitted By sidharth2013
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Study Center Sydney
Faculty of Business

Assessment item- 3

Class: ECO130– Business Economics
Lecturer- Dr. Harpreet Kaur

Student Name- Sidharth Shanker
Student Number -11511309
Due Date - 30/09/2014 Answer-1

Frictional unemployment occurs when people seek new jobs or when they decide to switch their existing jobs (Deepashree & Agarwal, 2006, p.7.4). In other words frictional unemployment is the time required for people to search for a new job. Frictional unemployment is usually short-term and does not affect the public policies or social welfare. In contrast, structural unemployment is occurred as a result of people’s inability to match their skills with existing job opportunities. The reasons for structural unemployment could be the changes in structure of the nation’s economy, which is a result of changing tastes and demand conditions or from changed production processes. Finally, cyclical unemployment occurs mostly during recessions when there is a lack of job opportunities (Arnold, 2013, p.140).

Full employment occurs when the economy operates at an unemployment rate which is equal to the sum of seasonal, frictional and structural unemployment rate. In other words full unemployment could also be defined as the unemployment rate in an economy without the cyclical unemployment. This is because cyclical unemployment varies with the business cycles (Hall & Lieberman, 2012, p.556). Furthermore, even when the economy is at full employment there might be a small percentage of normal unemployment. This is because some people might change jobs and look for new ones. Another reason for this is because sometimes people do not immediately get jobs when they enter the labor market, they might have to wait for a period of time.

Answer-2

According to (Jackson, 2008, p.9) the attack of 9/11 have had a great negative impact on the U.S…...

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