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Unemployment rates are a measure of how well the labor market is performing. Unemployment refers to the amount of people in the labor force who are looking for work and are able to work. The number of jobs in the economy equals the number of persons willing to work when the labor market is in equilibrium. Even when the market is in equilibrium, the number of reported jobless cases is high due to a variety of causes.
When there is equilibrium in the labor market the demand equals the supply. Increase in demand leads to the increased prices of products. The employees demand high paying jobs due to the increased demand in the market. Causes of unemployment happen when people are willing to work at high pay (Dean et al., 2020). Increasing wages in a firm means reducing the number of workers to cover their increased salary rate requests. Reducing the number of workers in a firm makes some workers job less.
The changes in the rate of the labor force are a reflection of changes in the demographic composition of the labor force. Most people spend more time in school and start their careers later in life. A downturn in the number of people participating in the labor force affects the overall economy. Lower participation leads to the government overtaxing the workers due to the narrow base tax.
High levels of unemployment occur regardless of the equilibrium in the labor market. The quantity demand of labor equals the quantity supply of labor. Workers should be willing to put more effort to increase the firm output in order to receive high earnings they seek for. Youth in learning institutions can actively participate in the labor force while still pursuing studies. When the larger portion of the population is productive, there is a corresponding economic rise.
Reference
Dean, E., Elardo, J., Green, M., Wilson, B., & Berger, S. (2020). The labor market and full employment equilibrium. Pressbooks.
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