Introduction: Unemployment occurs when a person who is actively seeking for work is unable to find work. The measurement of unemployment is unemployment rate. Unemployment rate is the percentage of the labour force that is unemployed. Unemployment rate is often use to measure the health of the economy. There are 3 types of unemployment which are frictional, structural and cyclical unemployment.
First, cost-push inflation can be created by companies that achieve a monopoly over an industry. This has the same effect as reducing the supply, because the company controls the supply of that good or service. Wage inflation is a second creator of cost-push inflation. This is when wage earners have the power to force through wage increases, which companies then pass through to consumers in higher prices. Natural disasters are a third catalyst for cost-push inflation.
Cost Push Theory Cost push theory is where inflation is due to direct result of increase in the cost of production that is increase in prices of raw materials, increase in labour cost (wages & salaries). Cost push inflation can be also defined as prices have been “pushed up’ due to increase in price for factors of production. So as the cost push theory says inflation is caused by increase in cost of production factors, this leads to decrease in the demand for raw materials, which leads to decrease in production and demand stays consistent, than this leads to increase in price (inflation). The figure 1.0 shows what happens in the cost push theory. If the firm is operating at point Q1, P1 any increase in price for factors of production will lead to increase in price that is moving from point P1 to P2 quantity supplied decreases due to increase in cost for factors of production moving from Q1 to Q2.
Unemployment in America can be caused by numerous factors such as the condition of our countries economy, jobs being created overseas due to the cheaper labor costs, and demographics across the country where job surges can occur. The United States government utilizes the rates formed the statistics received by the Bureau of Labor Statistics, in order to determine a rate at which people are unemployed each month. This method consists of The Bureau of Labor Statistics conducting a survey the Current Population Survey. Now, what does the government consider as being unemployed? The Bureau of Labor Statistics currently uses six measurements when calculating unemployment that range from U-1 to U-6, and each looks at various aspects to determine
Unemployment refers to the condition of someone of working age (16-64) who is willing and able to work, actively seeking employment, but unable to find a job. The rate of unemployment in Greece for the people of ages 15 to 24, who is considered as the younger group of workers, was 48.3%. Compared to the people of ages 25 to 34 was 32.1%. The data shows that young people are more affected than older people, however, Greece’s overall unemployment rate is still high for all the group of ages. It has been happening since 2009 when the Greek government-debt crisis started because of the change of the leaders and structural weaknesses.
With support of the World Bank Group (WBG), International Monetary Fund (IMF) and other development partners, Kenya has made significant structural and economic reforms that have contributed to sustained economic growth in the past decade. Development challenges include poverty, inequality, and vulnerability of the economy to internal and external shocks. Devolution is rated the biggest gain from the August 2010 constitution, which ushered in a new political and economic governance system. It is transformative and has strengthened accountability and public service delivery at local levels. The government’s agenda is to deepen implementation of devolution and strengthen governance institutions, while addressing other challenges including land reforms and security to
The different types of inflation are: Demand pull inflation – This occurs when AD (Aggregate Demand) increases at a faster rate than AS (Aggregate Supply). It exists when the economy is growing faster than the long run trend rate of growth. When demand exceeds supply, firms respond by pushing up prices. Cost push inflation – This occurs when firms raise prices in order to maintain or protect margins after experiencing a rise in the cost of production. Wage inflation – This is a combination of demand pull and
We still hear daily cases of how people get mistreated because of their skin color. The colonial days where a white man would abuse a black man apparently aren’t over. The reasons for discrimination in Kenya are the basically the same as those that cause it to persist in Africa. These reason include for instance poverty,superiority and inferiority complex, lack of confidence displayed by country leaders, and reduced seriousness of racial discrimination issues. Let’s take a closer look at the above few factors and specific cases of how they manifest racial discrimination in Kenya.
While in Kenya, the decline in labor force has a greater impact on young people compared with other groups, and interventions by the government through the development of capital and human resources. However, youth unemployment remains a major problem that makes easy to attack the unemployed youth to crime and social unrest (Muiya, 2014). The results of this study found that the majority of young people in Mathare is unemployment caused by lack of education and training, prostitution, school dropouts, marginalization, robbery, HIV / AIDS, and early marriage. To overcome this, the curriculum in Kenya should be adjusted to ensure compatibility between work and training by offering more intensive courses. Apart from that, participation in specific training is needed in efforts to promote the business development of young people to be able to stand alone.