Podcast
Questions and Answers
What is one of the negative effects of globalization on local markets?
What is one of the negative effects of globalization on local markets?
How does globalization contribute to environmental issues?
How does globalization contribute to environmental issues?
Which of the following is a potential consequence of the brain drain phenomenon?
Which of the following is a potential consequence of the brain drain phenomenon?
Which organization is primarily focused on international economic cooperation?
Which organization is primarily focused on international economic cooperation?
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What is a cultural effect of globalization?
What is a cultural effect of globalization?
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What is one of the risks associated with tightly integrated global financial systems?
What is one of the risks associated with tightly integrated global financial systems?
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Which of the following factors contributes to the cultural convergence seen in globalization?
Which of the following factors contributes to the cultural convergence seen in globalization?
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What does globalization potentially increase the likelihood of?
What does globalization potentially increase the likelihood of?
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What was the primary purpose of the Earth Summit in 1992?
What was the primary purpose of the Earth Summit in 1992?
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Which document focuses on limiting global warming to well below 2 degrees Celsius?
Which document focuses on limiting global warming to well below 2 degrees Celsius?
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What is one of the main objectives of the Sustainable Development Goals (SDGs)?
What is one of the main objectives of the Sustainable Development Goals (SDGs)?
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How many specific targets are outlined in the Sustainable Development Goals?
How many specific targets are outlined in the Sustainable Development Goals?
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What was created to focus on building a green economy and poverty reduction?
What was created to focus on building a green economy and poverty reduction?
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The Glasgow Conference on Climate Change primarily aimed to review progress on what agreement?
The Glasgow Conference on Climate Change primarily aimed to review progress on what agreement?
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Which initiative is part of the UN's universal call to action to protect the environment?
Which initiative is part of the UN's universal call to action to protect the environment?
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Which term refers to the efforts made in the 21st century to address climate change and sustainable practices?
Which term refers to the efforts made in the 21st century to address climate change and sustainable practices?
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What is the primary focus of the Sustainable Development Goals?
What is the primary focus of the Sustainable Development Goals?
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Which of the following is NOT one of the 5Ps related to sustainable development?
Which of the following is NOT one of the 5Ps related to sustainable development?
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How many Sustainable Development Goals are there to achieve by 2030?
How many Sustainable Development Goals are there to achieve by 2030?
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What dimension do the Sustainable Development Goals balance?
What dimension do the Sustainable Development Goals balance?
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Which goal specifically addresses gender-related issues?
Which goal specifically addresses gender-related issues?
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What is one of the targets of the Sustainable Development Goals regarding education?
What is one of the targets of the Sustainable Development Goals regarding education?
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Which goal involves the management of water and sanitation?
Which goal involves the management of water and sanitation?
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Which of the following agreements is not directly tied to the principles of the Sustainable Development Goals?
Which of the following agreements is not directly tied to the principles of the Sustainable Development Goals?
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Study Notes
Unemployment
- Employment: A relationship between an employer and employee, usually based on a contract for paid work, including self-employed workers.
- Employed Person: Someone currently holding a job.
- Underemployment: When a person's employment doesn't match their skills, experience, or availability to work. Includes visible and invisible forms.
- Underemployed Person: Someone forced into low-paying, low-skill, or part-time work.
- Unemployment: A situation where a person is employable, actively searching for work but unable to find it.
- Unemployed Person: Someone without a job but actively looking for one.
- Unemployment as an economic indicator: High rates signal economic distress and lower economic output; extremely low rates suggest an overheated economy.
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Types of Unemployment:
- Frictional: Workers transitioning between jobs, new graduates entering the workforce, or those relocating.
- Cyclical: Occurs when available workers outnumber job vacancies, often due to economic contractions or slowdowns (like the COVID-19 pandemic).
- Structural: Skills of workers don't match job requirements, a skills mismatch between available workers and required skills for available positions (e.g. clothing manufacturing).
- Seasonal: Employment dependent on specific times of year, such as in agriculture or tourism.
Causes of Unemployment
- Lack of Job Opportunities: Insufficient job availability, often due to a lack of investment, economic recessions, complicated bureaucratic procedures for starting businesses and corrupt government practices. People may be forced to seek work overseas.
- Overpopulation/Oversupply of Graduates: The number of graduates may exceed job availability if high school and college education is universally accessible, leading to unemployment in some cases.
- Skills Mismatch: Workers' qualifications or skills do not meet job requirements. Education systems may not adequately prepare students for needed jobs, leading to underemployment.
- Lack of Comprehensive Long-Term Job Creation Plan: Poor planning and a mismatch between job market demands and worker skills, in turn hinders career growth within the labor force.
Effects of Unemployment
- Individual: Poverty, financial hardship, physical and mental health issues, reduced employability due to skill depreciation.
- Family: Higher incidence of school dropouts, strained family relationships, loss of support systems (e.g., if parents are OFWs).
- Society: Systemic and widespread poverty, homelessness, malnutrition, and a general sense of despair, anxiety, and dissatisfaction.
Solutions to Reduce Unemployment
- Improve and update formal education/vocational training: Provide relevant skills for the job market.
- Encourage entrepreneurship: Promote and support the creation of local jobs.
- Subsidies/incentives for companies: Encourage companies to create more jobs, especially during recessions.
- Fiscal/monetary measures: Boost job creation and labor demand, especially during recessions.
Globalization
- Globalization: The interconnectedness of countries, economies and cultures.
- Historical Developments: Silk Road, Age of Discovery, Industrial Revolution, Globalization 1.0, Globalization 2.0 and Globalization 3.0 (Information Age) leading up to the digital age.
- Factors: Trade routes, economic systems, communication technologies, and political factors that influence cross-border activity.
- Positive Effects: Spur economic growth, increasing competition, lower consumer price due to lower production costs, and increased job creation, particularly for developing countries.
- Negative Effects: Destabilized local markets, cultural homogenization, climate issues and labor disputes.
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Description
This quiz explores key concepts related to unemployment, including definitions of employed and underemployed individuals, and the various types of unemployment. Understand how unemployment functions as an economic indicator and its implications for the workforce.
