Economic Report Assignment | Best Homework Help Online

Structural Unemployment

The 15% of the civilian labor force who lost their jobs because their skills no longer match the requirements pushed by corporates fall under this category. From this observation, the affected individuals are supposed to enroll in learning institutions to acquire additional knowledge that will increase their level of competitiveness in creating favorable outcomes that influence the perspectives of the hiring managers. However, Biblical teachings encourage company managers to expose their workers to training programs that improve their skills instead of firing them.

Demand Deficient Unemployment/Cyclical

Civilian workers represented by the 30% of the unemployed labor force due to the economic bust are represented by this type of unemployment. Unlike those affected by structural unemployment, these workers can only do little to salvage their situation. In this regard, the government is expected to create an enabling environment that influences the outcomes of events in their surroundings. Biblical teachings recommend government to embrace positive leadership that guides individuals through their execution of different tasks in the workplace.

Frictional Unemployment

The remaining 55% who are in between jobs are represented by this type because of their ability to change jobs with the hope of securing better-paying opportunities that meet their changing needs. Notably, this group of civilian workers should settle in one organization and align their interests with those of the hiring managers to benefit from the improved outcomes.

Calculation

Structural Unemployment

40% of 300,000 is 132,000 workers

Structural unemployment has affected 15% of 132,000 civilian workers, which is 19,800 employees.

Cyclical Unemployment

30% of 132,000 is 39,600 employees.

Frictional Unemployment

55% of 132,000 is 72,600 employees.

Task Two

In this scenario, Consumer Confidence Index (CCI) has decreased because of the emergence of unfavorable statistical conditions that have a huge impact on their purchasing power and ability to resolve various issues taking place in their surroundings. Despite the ability of technological interventions to achieve a cost-savings outcome, the high prices of different products and services has had an adverse impact on the thought process of individuals in their surroundings. From this realization, the sudden increase in price levels of different commodities regardless of the realization of a cost-savings module is responsible for the numerous changes taking place in the contemporary society. By exploring the nature of relations the public should have with its leaders, there is a significant gap that should be sealed by exposing individuals to an environment where their needs can be met.

Gross Domestic Product (GDP) demonstrates the growth and development of a country’s economy. Any changes in the economy have a direct impact on the GDP, which analysts and firms use to make predictions regarding the implementation of different policies that influence outcomes in their surroundings (Sexton, 2015). On many occasions, governments around the world strive to stabilize their GDP by creating an enabling environment that can attract foreign investments to boost internal growth. However, the country depicted in the scenario has not only failed to cater for the changing needs of individuals but also struggled to utilize the cost-effective savings model guaranteed by the technological advancements in medical and cell phone manufacturing.

Task Three

Consumer surplus represents the difference between what individuals are willing to pay and what they paid for different products and services. However, producer surplus refers to the value firms extract from transactions with other stakeholders in the business environment. In this regard, the U.S. will not only benefit from importing wine from France but also expose consumers to an environment where they can access different wine brands, a move that ends up meeting their desired goals and objectives. When consumers are exposed to a wide range of products, their spending tends to increase because of the need to satisfy their curiosity. However, accomplishing the desired outcomes in the contemporary environment is critical to the realization of expected outcomes that influence the nature of interactions between firms and other stakeholders in their surroundings. Looking at the benefits that will accrue from the increased importation of wine to the U.S., one can easily focus on the overall consumer experience and their ability to spend more because of the increased variety on the products. Besides, the U.S. will earn more in terms of foreign domestic investment from the French vineyards, allowing the country to generate wealth and respond to the different needs affecting its people.

 

 

References

Sexton, R. L. (2015). Exploring economics. Cengage Learning.

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