exam prep for econ 1100, Quizzes of Finance

Download exam prep for econ 1100 and more Quizzes Finance in PDF only on Docsity! You know I’m in macroeconomics now we have to read this book called dinner party economics by my professor. It has been super interesting so far there are so many things are connected my wife back home | think they just make me really think about the world around us some of my favourite topics are the extreme measures, blank blank blank, blank blank. In one of the chapters she talks about the happiness studies she says that it seems to depend on three factors number one personality and demographic traits such as age, gender, marital status, children, nationality, education, and health. To economic factors such as income, unemployment, and information number three political factors such as the level of democracy and government involvement as well as functioning of a country’s institutions.Realizing that these factors may Or may not be interconnected such as Higher income may lead to better health care and education. I’ve come to realize that income and education are huge factors when it comes to increasing happiness that’s why when you compare someone who already lives in the country to Forner with a lower income the happiness of the foreigner is lower. But there always so many factors that need to be taken into account. You can compare this to real World situations looking at countries like Canada and the US where We have freedom versus countries like North Korea where you don’t have freedom to do what you want say what you want or even Live how you want. Also looking at income levels in free countries versus not free countries US and Canada have some of the highest living standards and higher incomes with an all the countries North Korea has one of the lowest income levels. This is a great indicator of overall satisfaction and happiness within a country. Thinking about the seven in my every day life really pushes me to strive to do the best | can and university so that | know that the higher level of income | can get at the end of this will greatly increase my overall happiness in the future helping me In the future to obtain overall Satisfaction with this my standard of living. Looking at it now it seems kind obvious that income and overall happiness freedom all connect to the overall satisfaction of citizens within a country. The reason | thought the obvious is because it connects so many different ways in our lives we see this when we go outside people with overall had more happiness or the homeless people with the lowest income there are those people of the higher incomes jet setting around the world, | just never thought of it as an economic term before. My next favorite part of the book was talking about different types of unemployment and how serious they are. There are four types of unemployment frictional which is categorized as healthy structural which is semi-healthy seasonal healthy and finally cyclical which is super unhealthy an appointment. Frictional unemployment occurs when a job exists and their workers who could fill the position but they haven’t found each other yet this kind of unemployment Isn’t a huge problem unless the time between finding each other is too long. If people are unhappy with the position it isn’t too bad if they quit their job and become unemployed this is why the government has funds towards job employment centres to help people Match up with their perfect job. This is what Chrissy bracket my sister bracket is doing right now she’s just trying to find the right job batch for her it can be kind a hard and take a little while but in the end it’s not too devastating once you find the right job. Next instruction on appointment which is semi unhealthy this is when there are a lot of jobs but people don’t match the job description either with skills or location.And example of this is when a factory plant closes and those people are left without jobs they unfortunately only have The skills that they learned from the factory so they are unable to find other jobs because of their lack of skills. These types of situations either need “retraining or relocation quote. This could be costly in terms of time and money for the workers and employers that’s why it is semiunhealthy for this type of employment to exist. You see these types of things happen all the time in the news with call mines factories or even retail stores that have employed people for a really long time suddenly clothes have a change in location this leaves people unemployed without the proper skills to be able to find new employment in their location one story recently was The Campbell Soup closure of the trundle plant this left 380 Manufacturing jobs will be lost. This is devastating to the people that work there because that play has been open for so long since 1931 people have been employed for most of their lives because back then people started working at plants when they were 1819 or 20 and because of benefits and pensions them stuck with that now with this plant closing those people are left without skills and a job causing structural unemployment. The next type of unemployment is Cesar this is controlled by the calendar year some sectors are agricultural construction tourism and holidays. And example of this is a lot of people go on vacation in the winter so places that are hotter like Florida have more tourism in the winter months does creating places like Disney to hire more employees To match the increase of people visiting Disney World. Another type of seasonal unemployment is when people get hired for the Christmas time to work at pop-up stores or big retailers that need more people to Match the increased volume of shoppers in their stores. Once the season is done then people get fired leaving people unemployed but because it is for a short period of time when you were hired on you were told that it is only going to be for certain period of time so people are able to plan out more when you know that your job ends on a certain date. That is why seasonal unemployment is one of the healthier types of unemployment. Lastly the most unhealthy type of them all is cyclical unemployment this occurs when you can’t match workers with jobs because there aren't enough jobs to go around. This usually happens when there’s a decline in the business cycle such as the recession when companies are laying off people or decreasing the number of people that they plan on applying for the next year because of a decrease in economic standards. This causes people to lose their jobs for a long period of time because in the business cycle things don’t happen fast. Being under employed is a situation in cyclical unemployment when | get a fourth year and graduate | might not take a job that is technically in my career path or aligns with my thoughts of what the perfect job for me is but | do it to be employed so technically I’m not unemployed I’m under employed. Then moving into your 20s and finding yourself in cyclical unemployment when you're under employed waiting for the right job opportunity to open but not staying unemployed. Later moving into Later moving into frictional unemployment when you have a job and you’re waiting in searching for the right job that fits your skills usually this can happen when you're in your 30s and you haven't found a job that you want but you take some time off become unemployed to dedicate your time in finding the perfect match job for you. Lastly down the road in your 40s and 50s you could hit structural unemployment hopefully you don’t, but you've been with A company for 2030 years and something happens they go bankrupt they close they move these types of things leave you without a job and lacking the skills to be able to get a new one. Realizing these things makes me not