Business and Economics: Unemployment and Equilibria (Coursework Sample)
The instructions were to give an in-depth answer to the following questions.
Question 4: How does structural unemployment differ from frictional unemployment?
Question 6: What is “natural” about natural unemployment?
Question 14: Explain how the CPI is computed.
Question 2: Explain each of the following: (a) real balance effect, (b) interest rate effect, and (c) international trade effect.
Question 20: What is the difference between short-run equilibrium and long-run equilibrium?
Business and Economics Question-Answer
Question 4: How does structural unemployment differ from frictional unemployment?
There are various types of unemployment in an economy, and the two major ones are structural and frictional. The two differ significantly based on the causes, characteristics, and relations to the economy. Structural unemployment arises from a mismatch between workers' skills and what the employers want. For example, technological advancement at times renders some skilled individuals obsolete (May-Gillings et al., 2020). Currently, most employers focus on effective and low-cost labor, which has led to the automation of many processes. The major characteristic of structural unemployment is that it directly results from the economic cycle.
On the contrary, frictional unemployment arises from a worker's desire to change jobs. It usually refers to the short period between losing or abandoning employment and finding a new one. Unlike structural, frictional unemployment last for a short time and
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