Economic Fundamentals

Section A: 1.Unemployed people atomic number 18 non able to make an economic contribution to the production of goods and services, neither are they able to purchase goods and services, putting an increased tax income burden on those who are employed repayable to the position that unemployed people do not pay taxes. more(prenominal) specifically, unemployed persons are normally defined as those persons who: argon 15 years and older; and Are not soon employed; but Are available for employment within the conterminous two weeks; and Have taken specific steps during the stretch forth four weeks to stay down employment. 2.There are four main(prenominal) types of unemployment; 1.Frictional unemployment; arises when people leave one job full- potential away until a time as they do find alternative employment. This is not a major make out of unemployment. 2.seasonal worker unemployment; occurs when certain types of jobs require workers only for certain times of the year, examples are the agricultural & tourism sectors. 3.Cyclical unemployment; is related to the general strength and vitality of the economy. If the economy is in recession, the demand for goods and services decreases and in turn the producers have to lower production including labour due to lower demand. 4.

geomorphologic unemployment; occurs when there is significant gap among education, skill and expertise required for a job and the approachability of those appropriately qualified and skilled workers to meet the job requirements. Structural unemployment can also be referred to a situation were jobs metamorphose or no longer exist due to building or composition of the economy. Structural unemployment is a major cause of unemployment in due south Africa, in the 1960s 25% South Africas GDP was made up of the primary sector, where as the secondary sector made up 21% and the third sector contributed to the remaining 54%. By 2006, there had been a substantial change. The contribution of the primary sector dropped below 9%. These were brought about by a number factors including... If you want to get a full essay, order it on our website: Ordercustompaper.com

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