8
| Date post: | 06-May-2015 |
| Category: |
Education |
| Upload: | university-of-santo-tomas |
| View: | 3,425 times |
| Download: | 0 times |
Labor…Labor…
- is a measure of the work done by human beings.
- there are macro-economic system theories which have created a concept called human capital, although there are also counter posing macro-economic system theories that think human capital is a contradiction in terms
- one of three factors of production.
- Human skills creating goods and services
- Wage is a basic compensation for labour, and Wage is a basic compensation for labour, and the compensation for labour per period of time the compensation for labour per period of time is referred to as the is referred to as the wage ratewage rate
Employment
- is a contract between two parties, one being the employer and the other being the employee- In a commercial setting, the employer conceives of a productive activity, generally with the intention of creating profits, and the employee contributes labor to the enterprise, usually in return for payment of wages. - To the extent that employment or the economic equivalent is not universal, unemployment exists.
Unemployment- a person who is able and willing to work at a prevailing wage rate yet is unable to find a paying job is considered to be unemployed
- The unemployment rate is the number of unemployed workers divided by the total civilian labor force, which includes both the unemployed and those with jobs (all those willing and able to work for pay). - Some of the likely costs of unemployment for society include increased poverty, crime, political instability, mental health problems, and diminished issue in economics. A low rate of unemployment is a good thing that usually prevents mass poverty and violence.
Unemployment
- Benefits for the entire economy arising from unemployment include that it keeps inflation from being high, following the Phillips curve, or from accelerating, following the NAIRU/natural rate of unemployment theory.- There is considerable debate amongst economists as to what the main causes of unemployment are. Keynesian economics emphasizes unemployment resulting from insufficient effective demand for goods and service in the economy. Others point to structural problems inherent in labor markets. Classical or neoclassical economics tends to reject these explanations, and focuses more on rigidities imposed on the labor market from the outside, such as minimum wage laws, taxes, and other regulations that may discourage the hiring of workers.
Unemployment
Click here for world unemployment rate
- Yet others see unemployment as largely due to voluntary choices by the unemployed. On the other extreme, Marxists see unemployment as a structural fact helping to preserve business profitability and capitalism. The different perspectives may be right in different ways, contributing to our understanding of different types of unemployment.
Underemployment
- In economics, the term underemployment has at least three different meanings. All three of them involve underutilization of labor that is missed by official definitions and measurements of "unemployment."
1. Underutilization of Skills
2. Underuse of Economic Capacity
3. Underuse of Employed Workers
- This may result from the existence of unemployment, which makes workers with bills to pay (and responsibilities) take almost any jobs available, even if they do not use their talents. This can also occur with individuals who are being discriminated against, lack appropriate trade certification or academic degrees (such as a high school or college diploma), or have served time in jail. Some types of skills -- such as those associated with doctorates in literature or philosophy -- are valued very poorly by the marketplace, so that people often end up taking jobs that do not employ their education.
