Unemployment is a situation that arises when people are unable to find a job. The measure of unemployment in an economy is the unemployment rate. Students are expected to recognise the various types of unemployment together with its causes. On top of that, students are also required to come up with solutions to tackle such unemployment.
When there is a rise in oil prices, the cost of production is increased which will lower aggregate supply, resulting in an excess demand condition, thus raising general price level. Hence, cost-push inflation arises. An oil price hike leads to inflationary pressures....read more
Economics Tuition: Inflation is harmful to an economy and hence it should be the priority of the Singapore government to reduce inflation. Discuss.
Singapore experienced a quarterly growth rate of -0.7% from April to June 2012. However during the same period, inflation rate remained high at about 5%. "Inflation is harmful to an economy and hence it should be the priority of the Singapore government to reduce...read more
Why should the government focus on low rate of unemployment? Introduction Unemployment occurs when workers who are willing to work but are not offered a job. The level of unemployment can be determined by the unemployment rate which is the ratio of unemployed workers...read more