Unemployment: Scarcity as a Key Economic Concept (Term Paper Sample)

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Unemployment Article Analysis
The article's author argues that the unemployment rate in the U.S. has fallen from the initial 14.8% to 3.9% from April 2020 to December 2022, respectively (Smialek n.p.). As the labor market nears ‘full employment,’ companies realize a relative scarcity of would-be workers. The number of people quitting their jobs is high, job openings are at elevated levels, and workers are hard to find (Smialek n.p.). Unemployment refers to a scenario where individuals capable of working cannot find any opportunity (Britannica n.p.). These would-be workers lack a chance for employment even when actively searching for remunerative work. In the U.S., as the author of the news article states, organizations are struggling to fill their job positions due to increased employment levels of skilled citizens. 
Scarcity as a Key Economic Concept
The scarcity of commodities means that if these services and goods were free, their consumption would surpass supply. A scarce product has a limited supply, but its demand within society is unlimited.