Unemployment - Evaluation (1 Viewer)

[pincho]

hey all.. got our first assesment after our half yearlys coming up on friday..

Evaluate the impacts of unemployment on firms, gov's and indivudals

i have attained 95% of the info regarding the impacts.. but im confused in terms of how to 'evaluate' these impacts.

Inheritantly, unemployment is considered something negative, but evaluate as per the BOS glossary means " Make a judgement based on criteria determine the value of" is the question refering to make us write that the impacts are bad in general or like make a judgement on how bad the impacts are (IE: compared to each other).. as u can see im confused lol any help would be appreciated.. latazz

 

[williamc]

Evaluate the impacts of unemployment on firms, gov's and indivudals.


Unemployment (maybe define) an economic issue, can significantly effect an economy's performance. Although, unemployment has many other negative social and economic impacts such as its impact on firms, governments and individuals ...........

Unemployment significantly impacts firms ....

etc..

Whenever the word assess or evaluate i always use to word "significant" or "insignificant."

 

[pincho]

thanks for the reply williamc, it was exactly what i was thinking, the significant/insignificant scenario.. i am still preparing the essay and will add it soon.. thanks!

 

[Robbeh]

Impacts:

Opportunity cost of unused units of production
Inefficiency
Natural Unemployment unavoidable
Social Impacts - ie crime drugs
rah! I'm posting as you're doing your exam - good luck

 

[williamc]

Impacts:

Opportunity cost of unused units of production

I don't really understand the mentality of this impact. An opportunity cost, is the cost of giving up one good in order to purchase another. If an economy suffers from a high level of unemployment sure they arn't going to be able to produce as many units of production. Although, i don't understand how the economy is "giving" up something. I think it should be just the cost of unused units of production. Could someone explain how it is an opportunity cost.

 

[Robbeh]

If there is unemployment (and a low participation rate to go with it), then the economy wouldn't be operating at maximum efficiency - technical optimum? - so the opportunity cost is a worker's (potential) time/skill not used.

Correct if wrong please :}

 

[-pari-]

^ mhmm sounds about right to me