Mega Minds

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  • Topic: Unemployment, Frictional unemployment, Natural rate of unemployment
  • Pages : 7 (1959 words )
  • Download(s) : 177
  • Published : March 31, 2013
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CHAPTER ONE
1.1INTRODUCTION
One of the effects of over-population in a country is unemployment. Unemployment is the undoing of graduates because it literally destroys the individual morally and raptures the ties and relationships they form.

Unemployment is the fact of a number of people, especially graduates not having a job to make their lives suit the economy.
Economy is the relationship or the link between the production, trade and supply of money and other commodities in a particular country.
A graduate is the person who has got a university degree and has completed his or her school studies.
In Nigeria, the main objective of every individual who attends a higher institution is get a job after all the struggles in the institution. But the reverse is the case.
Not more than 20% of the graduates every year from different institutions of higher learning in the country gets comfortable immediately after school.
Philosophers say that an idle mind is the devils workshop. Owing to the level of unemployment among graduates, crime rates gets on the increase.
Frustration causes most of the crimes committed as a result of unemployment. Every individual would like to have their ends meet. So, that is why all the crimes are being committed. 1.2TYPES OF UNEMPLOYMENT

Unemployment can be of many types. These are
1 FRICTIONAL UNEMPLOYMENT
This is a kind of unemployment that occurs because it takes workers some time to move from one job another. It may be the case that some workers find new job before they live their olds ones. In this case, a worker must look around for a job that is a good fit for him/her and this process takes some time. During this time, the individual is considered to be unemployed. But frictional unemployment is seen and thought and considered to last only for a while or short period of time. It has been seen by economists not to be especially problematic from an economic stand point. It can be the particularly time because the modern-day technology is helping both workers and companies make job search process more efficient. 2CYCLICLICAL UNEMPLOYMENT.

It’s probably not surprising that unemployment is higher during recession and depressions and lower during periods of higher economic growth. But that is not the case for Nigerian economy in any way.

Because of this, economist have coined the term, cyclical unemployment to describe the unemployment associated with business cycles.
When demand for goods and service in an economy falls, some companies respond by cutting down production laying off workers rather than by reducing wages and prices. When this happens, there are more workers in an economy than there are available jobs, and as a result there is unemployment. 3SEASONAL UNEMPLOYMENT.

This kind of unemployment results and can be said to occur due to the nature of job of an individual.
For instance, road construction workers. Their works and operation comes temporarily to a halt during the rainy season. This is physical conditions of the environment. Owing to the situation, they are said to be unemployed during the season.

Again the fishermen see also to be unemployed during the rainy season because of the high rise of the waters. So they are also termed to be unemployed seasonally.
This type of unemployment is seasonal because the nature of the job of an individual suits a particular season to carry out effective operation.
Apart from the above defined types of unemployment there are also voluntary and involuntary unemployment. * VOLUNTORY UNEMPLOYMENT.
This is a kind of unemployment whereby an individual or a person has personally decided not to acquire any job. * INVOLUNTORY UNEMPLOYMENT
This is the reverse of the case of voluntary unemployment. Involuntary unemployment is a situation whereby an individual is willing and able to perform a particular task as a job but no one is anywhere to be found. This is the most kind of unemployment that is experienced...
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