Main focus is on the familiarity of the types of unN in Singapore causes and the appropriate policies to solve them.
Cyclical unemployment arises during a downturn in a business cycle. Students should explain the appliance leading to such unemployment due to potpourris in aggregate quest using AD/AS model. They may discuss it in the context of a global slowdown and its impact on Singapore frugality which is trade driven. They may also flesh out how unemployment in the export oriented sector could have wider entailment than on non-export sectors, including non-tradable service sector
rudimentary idea: Cyclical unemployment is related to the business cycle. During the upswing of a trade cycle (expansion), aggregate direct increases, leading to rising output and prices. Thus, cyclical unemployment go out fall. However, during the downswing (recession or depression), aggregate demand decreases, leading to an increase in cyclical unemployment. Therefore, cyclical unemployment is sometimes referred to as demand-deficient unemployment.
Structural unemployment arises when the economy undergoes economic restructuring where skills of some workers are not in demand.
Basic idea: Structural unemployment arises when changes in technology or worldwide competition change the skills needed to perform jobs or change the location of jobs.
If there is a permanent fall in the demand for the product of a particular industry, the output will have to be bring down and unemployment will result.
If there is a permanent fall in the demand for the product of a particular industry, the output will have to be reduced and unemployment will result.
Credit should be awarded to students who are able to lucubrate structural unemployment in the context of Singapore.
In recent years Singapore govt has restructured the economy which requires new set of skills eg knowledge-based, research in biological sciences, high value-added industries,...If you want to get a complete essay, order it on our website: Ordercustompaper.com
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