Youth unemployment – a ticking time bomb, or is it already here?
Unemployment is defined as a situation where someone of working age is not able to get a job but would like to be in full time employment. Unemployment represents the number of people in the work force who want to work but do not have a job. It is generally stated as a percentage and calculated by dividing the number of people who are unemployed by the total work force. The terms unemployment and unemployed are sometimes used to refer to other inputs to production that are not being fully used, for example, unemployed capital goods. In economics, unemployment refers to the condition and extent of joblessness within an economy, and is measured in terms of the unemployment rate, which is the number of unemployed workers divided by the total civilian labor force.
Highly educated less likely to be unemployed.
Hence, unemployment is the condition of not having a job, often referred to as being “out of work”, or unemployed. Unemployment levels are increasing dramatically in many parts of the world. There are several causes behind this increasing rate. But the main reason for the high level of unemployment is technological progress. In a fewer year far less working hours are needed to produced all the goods that are required, hence there will be less demand of labor. This can lead more to the raise of unemployment ratio. On the other hand, traditionalism, ignorance and over population etc are some other major cause that led to the raise of unemployment. Unemployment is a serious problem of India. It is becoming more and more serious day by day. India has the population of about 1.30 billion. Many of the Indians are jobless. The problem of unemployment is rising fast. Every able bodied man and woman must get employment. If not, the problem of unemployment will create difficulties for the development of the country. Many age-old businesses that are not able to cope-up with the changing demand and economic scenario are either closed down or heavy retrenchment takes place in them. When there is slump in business, many people find themselves without jobs. There are many different reasons why a person could be unemployed. Three of those causes are cyclical, structural and seasonal unemployment.
The cool thing about unemployment is every day is Saturday.
The government tries to find solutions in order to reduce unemployment by making up policies. Cyclical unemployment is one of the causes that creates unemployment. When a person is cyclically unemployed, it means that the income is limited to the economic state and there are more jobs when economy is well however when it’s not the number of jobs available decrease. Also when people have less spending money it creates many cutbacks and loss of jobs. Therefore, this form of unemployment is usually temporary. When there is an economic growth, cyclical unemployment reduces. Structural unemployment is another cause that creates unemployment. As time goes on, consumer’s demand changes, which causes a growth in one industry, a decrease in another or it may lead to a complete shutdown of a industry. And even though jobs will increase in growing industry, they will decrease or disappear in another for example, Atlantic Canada where demand for ship building was no longer needed. Thus structural unemployment causes regional unemployment because certain areas are unable to attract new industries when their old ones are shut down. Seasonal unemployment mostly depends on the climate and therefore varies in the regions of Canada. In the winter time industries like fishing, construction, and tourism struggle in certain regions. However, demand in some industries like snow cleaning will increase.
Unemployment is like a headache or a high temperature — unpleasant and exhausting but not carrying in itself any explanation of its cause.