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Answer the questions based on the CASE STUDY. Source : https://businesscasestudies.uk/making-the-labour-market-work-better/ Answer the questions...
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Answer the questions based on the CASE STUDY.Source : Answer the questions based on the above source :

https://businesscasestudies.co.uk/making-the-labour-market-work-better/

THE ANSWER OF THIS QUESTION PAPER IS BASED ON THE ARTICLE PROVIDED.


QUESTION 1 (20 MARKS)


In the labour market employers have to compete with each other for human resources. Workers 'supply' some of their time and effort to organisations for a wage while the organisations 'demand' labour in order to produce goods and services. Based on the above situation, discuss its impact on the labor market equilibrium with the aid of a diagram. 



QUESTION 2


Unemployment has several disadvantages. It has an enormous social cost for individuals and communities. It leads to a considerable waste of resources. For example, for approximately 20 years prior to the Second World War, unemployment averaged at least 10 in this country with idle machines, factories and employees. Rises in unemployment lead to falls in consumer spending. A small fall in consumer demand can lead to a much bigger overall change in incomes and spending. This cycle is known as the multiplier.


a. Explain the impact of unemployment on the individuals and communities in the long run. (8 marks)


b. The government is aware of a few possible problems in the long run when implementing policies to combat unemployment. With the aid of a diagram, discuss on how the government solve the situation of inflation rate and unemployment of the country. (12 marks )



QUESTION 3 (20 MARKS)


"As the term of unemployment increases, people's work opportunities reduce and they, in turn, reduce their efforts to seek work and can become excluded from the labour market." From the statement above, identify the worker-effect and discuss the effect to the labor participation rate.

(20 marks)




  • The answers should be related to the CASE STUDY/SOURCE given.
  • Justify the answers
  • provide diagram and sketch

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