Question

UNIT 3

Discussion Board

In your contribution to this week’s Discussion Board, you will discuss how you are affected by unemployment, one of the country's biggest macroeconomic policy concerns. Address both of the following in your discussion:

1. Explain an experience that someone you know, including yourself, had with unemployment. Think about the reason for the unemployment, and how long it lasted.
   • The following is a list of possible causes for unemployment. Choose the one that most closely fits your experience.
   • Be sure to explain.
     • Seasonal
     • Recession
     • A change in technology
     • Your company relocated and laid off workers
     • Other
2. Did you or your acquaintance take a part-time job or a job for which they were overqualified to ensure they would have an income?  
3. Over the last 7 years, the national unemployment rate has dropped steadily. How has that affected you? Please explain.

Answer 1

Case: I worked in an IT startup firm as a developer. With the outbreak of the COVID-19, my employer started falling short of investment and funds and thus decided to fire me because of business losses, as they wanted to cut down on their costs.

This is a case of unemployment which occured due to RECESSION brought by the COVID-19 which reduced income flows for a lot of businesses, especially startups.

Yes, i took the job of an Amazon delivery boy to pay my bills (for which i was ofcourse overqualified).

Over the last 7 years, barring the current recession brought by COVID-19, fall in national unemployment rates meant greater job opportunities. This meant i had greater number of job opportunities in the job market, which is a positive sign of economic growth.