Question

Come on now, get a job. In this activity, you will select a country and explore the concepts of unemployment and the phases of the business cycle as it relates to the economic well being of your selected country.

Locate a recent article (published within the last year) that addresses the unemployment theory and unemployment rate of your selected country.

You can use the Hunt Library, newspapers, new stations, or other credible sources to locate an article. Analyze your selected country's unemployment rate and how the key economic indicators align with the current phase of the business cycle. Include the following in your discussion.

• Identify how unemployment is calculated.
• Describe the different types of unemployment and state which type of unemployment you believe impacts your chosen country the greatest.
• State your selected country's unemployment rate.
• Discuss the four phases of the business cycle.
• Align the current phase of the business cycle with your selected country.

Summarize your findings using at least 250 words and provide a minimum of one reference. Use current APA formatting to document your sources.

Answer 1

Unemployment in India.

Millions of young Indians are finding it very difficult to get decent enough jobs. A look at the major factors that have been behind the government's inability to create an economic environment conductive for accelerated creation of jobs that are formal, regular, stable and decent.People engage in variety of works. They do work for earning. By engaging in various economic activities every person not only generate income but also actively participates in the development of the country. Employment is a situation in which all people who are willing to work at the existing wage rate finds a job.Unemployment is the situation in which people who are able and willing to work at the existing wage rate cannot find a job. Unemployment leads to loss of potential employment. In India, NSSO,

(National Sample Service Office) does the measurement of unemployment in India.

Types of unemployment in India:

1. Open unemployment: It refers to that situation in which is willing to do work yet he does not get the work.

2. Disguised unemployment: I n this case the number of people engaged in a work is more than what is needed for the work. It is typical in Indian agriculture where more people are working on a piece of land than required. They do not contribute to productive work and even if withdrawn do not result in a fall in output.

3, Seasonal Unemployment: This type of unemployment occurs due to the seasonal fluctuations in economic activities. People get employment only during certain seasons of the year. At other times, they remain unemployed. This is a common form of unemployment found in India specially in agricultural sector. Seasonal unemployment is an important factor which push people to go urban areas in search of jobs.

4. Structural unemployment: It is the type of unemployment which occurs in an economy due to the changes in technology.

The worker- population ratio is an indicator that can be used for analyzing the employment structure of a country. This ratio is useful in understanding the proportion of population that actively contribute to the production of goods and services of a country. Higher worker - population ratio indicates high involvement of people in the production process or it shows high employment of people. On the contrary, a low worker-population ratio means that a very high proportion of its population is not involved directly in economic activities.

Thus the formula for unemployment rate is equal to number of unemployed persons.or labor force. By dividing the number of individuals who are unemployed, by the labor force, we will get the unemployment rate.

In India, a new method of measuring unemployment is released based on the data that had been provided exclusively to authors by the EPFO at the initiative of NITI Aayog. According to this study, 3.11 million payrolls had been generated between September 2017 and February 2018.

The four phases of business cycle are:

• Expansion: Where the economy is rising for more than 2 quarters.
• Recession.:Falling for 2 or more quarters.
• Peak:Height of expansion.
• Trough: lowest point of recession. Indian economy is in early recovery stage where consumer demand and industrial production is beginning to improve.