Economic Problems: Unemployment and Globalization

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Questions and Answers

Which of the following best describes unemployment?

  • A shortage of skilled workers in specific industries.
  • A condition where individuals are actively seeking employment but cannot find a job. (correct)
  • A temporary decrease in the average wage levels across all sectors.
  • A surplus of available jobs compared to the number of job seekers.

Which of the following is NOT directly listed as a cause of unemployment?

  • Technological advancements
  • Increased Government Subsidies (correct)
  • Mismatch between job applicants and available positions
  • Economic Recession

How can the promotion of vocational courses through agencies like TESDA help solve unemployment issues?

  • By decreasing the overall education standards to make it easier to get certified.
  • By creating additional government jobs regardless of economic need.
  • By encouraging more citizens to migrate overseas for work.
  • By providing skills training that matches the demands of available jobs. (correct)

Which of the following illustrates the effects of unemployment on a country's overall progress?

<p>Slow economic progress due to decreased productivity and consumption. (D)</p> Signup and view all the answers

What is the primary concept of sustainable development?

<p>Meeting the needs of the present without compromising future generations. (A)</p> Signup and view all the answers

How does consumerism pose a challenge to achieving sustainable development goals?

<p>It creates a culture of overconsumption and resource depletion. (B)</p> Signup and view all the answers

A community decides to implement policies focused on waste management and reforestation. How does this directly support sustainable development?

<p>By preserving natural resources and promoting environmental health. (C)</p> Signup and view all the answers

What is the main idea behind integrating economic objectives to achieve sustainable development?

<p>To ensure economic progress is inclusive and environmentally responsible. (A)</p> Signup and view all the answers

Why is broad participation considered essential in programs aimed at achieving sustainable development?

<p>To ensure that the programs are culturally appropriate and address diverse community needs. (C)</p> Signup and view all the answers

According to Thomas Friedman, how is globalization characterized in the present era compared to earlier times?

<p>More widespread, faster, cheaper, and deeper. (D)</p> Signup and view all the answers

Which of the following scenarios exemplifies migration as a problem related to globalization?

<p>Massive displacement of a population due to economic instability or conflict. (D)</p> Signup and view all the answers

How do outsourcing companies demonstrate an aspect of globalization, as mentioned in the text?

<p>By creating new employment opportunities and altering labor dynamics. (C)</p> Signup and view all the answers

How does globalization affect the lifestyle and culture of many Filipinos?

<p>By introducing new trends, products, and ideas that alter traditional ways. (C)</p> Signup and view all the answers

Which of the following best describes the term 'Globalisasyon' as defined in the text?

<p>A process that accelerates the flow of people, things, information, and products worldwide. (C)</p> Signup and view all the answers

Which event greatly accelerated the progress of globalization?

<p>Technological advancements and policy implementations after 1914 (B)</p> Signup and view all the answers

Flashcards

Unemployment

A situation where individuals who are willing and able to work are unable to find suitable employment.

Globalization

The process of increasing interconnectedness and interdependence among countries through the exchange of goods, services, information, and people.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Economic Recession

When the economy experiences a contraction, leading to decreased production, job losses, and reduced consumer spending

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Welfare Payment

Government payments or assistance provided to individuals or families in need, often during periods of unemployment.

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Technological Displacement

The replacement of human workers with machines or automated systems, often leading to job displacement.

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Job Dissatisfaction

A general discontent or lack of fulfillment in one's job, which can lead to decreased productivity and increased turnover.

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Economic Inflation

A sustained increase in the general price level of goods and services in an economy, reducing purchasing power.

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Employee Appreciation

The practice of valuing and supporting employees, ensuring fair treatment, and providing opportunities for growth and development.

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Racial Discrimination

Unfair treatment or prejudice based on race, which can limit employment opportunities and career advancement.

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Skills Mismatch

A disconnect between the skills and qualifications of job applicants and the requirements of available positions.

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Extreme Poverty

The state of extreme poverty, where individuals lack the basic necessities for survival, such as food, shelter, and healthcare.

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Migration

The practice of people moving from one place to another, usually for the purpose of taking employment.

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Energy sustainability

The ability to maintain a certain process or state indefinitely. In the context of energy, it refers to using energy resources in a way that does not deplete them or harm the environment

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Cash assistance (Conditional Cash Transfer)

The direct provision of money to those that need it.

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Study Notes

Economic Problems

  • Unemployment, globalization, and sustainable development are key economic issues.

Unemployment

  • A situation where individuals are unable to find work.
  • Causes include economic recession, welfare payments, changing technology, job dissatisfaction, economic inflation, value placed on employees, discrimination, and mismatch of applicants to vacant positions.
  • Effects include increasing poverty, mental health issues, and slow economic progress.
  • Solutions involve improving education, increasing opportunities and jobs, and offering courses through TESDA (Technical Education and Skills Development Authority).

Globalization

  • Globalization involves the rapid flow/movement of people, things, information and products in different directions around the world (Ritzeer, 2011).
  • Globalization existed before World War I in 1914.
  • It has been accelerated by technological progress and policies implemented over the years, facilitating the exchange of goods, services, investments, and migration.
  • Thomas Friedman describes current globalization as more extensive, faster, cheaper, and deeper.
  • Migration, referring to the process of moving from one political area to another temporarily or permanently, is a problem stemming from globalization.
  • The rise of outsourcing firms owned by local and foreign investors shows globalization, creating more jobs.
  • It can alter work dynamics (time, system, structure) in companies, affect the health of employees (especially in call centers), and change lifestyles.

Sustainable Development

  • Sustainable development aims to meet human needs while preserving the environment for current and future generations.
  • Problems for achieving sustainable development include consumerism, where people freely buy products and services.
  • Overconsumption is when people buy things that may not have value or use.
  • Examples include Black Friday sales and Shopee 11.11.
  • Additional barriers include poverty, low-quality education, lack of employment, graft and corruption, natural calamities, and high population growth.
  • Solutions to poverty include conditional cash transfer programs, waste management and reforestation, health support, and combating corruption.
  • Strategies and policies to achieve sustainable development includes integrating economic goals and ensuring broad participation.
  • It also includes promoting ownership/dedication to programs and capacity building/empowerment.

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