External Influences
The Macro-economy
The production and exchange process of the whole economy as opposed to individual markets within the economy. Businesses are affected by changes in the macro-economy and by government processes towards the macro-economy. Government economic policies change a lot. (E.g. labour made bank of England independent on their first day in office.)
Instead of dividing the economy into different sectors (e.g. retail, cars etc) we look at the economy of the country as a whole.
Government Macro-economic objectives:
• Control of inflation – 2.5%
• Maintain full employment-all who want a job can get one.
• Control of
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Providing a service to other countries, e.g. leasing out ships to other countries, tourism) The bigger the gap between imports and exports the worse. Ideally exports should be higher than imports, but as Britain doesn’t make a great deal of things to export it could result in trouble. China will make more and more to export.
Full Employment
• Full Employment- Used to be a job for all, now a job for all those who want one. Affected by economy-if economy is good, more jobs, if you are going through a recession then that is not the case. If you are over 21 the minimum wage is £4.85 for over 21’s, for under 18’s just £3.
• The EU convention of Human rights, Article 23 states that everyone has the legal right to work. This means that if the person doees not have a job through no fault of their own, they must be compensated for. This is why must governments have a state system to provide for them.
• In U.K there is a period of time where you get unemployment benefit linked to housing and family sizes. After an unemployment of 6 months, if you want to keep unemployment benefits you must sign up for training or education.
• Full Employment differs from what it used to mean, it used to mean everyone should work but now it means what it says above.
• The ‘Poverty Trap’ is where you get benefits,
Full employment is the point in an economy, where everyone who is willing and able to work is in a job. A labour market policy the government could implement to help reach full employment could be the rise in the compulsory age for people in training or education. The effect of this will be that people will have better skills when
Remember the Titans is a classic movie about one African American-populated high school and one Caucasian-populated high school who are forced to integrate into one school/football team in a suburban town in Virginia in 1971. Neither races are obliging to this rash decision being enforced but there was nothing to be done about it. The 70’s were a very difficult time to be a minority especially for African Americans, which is what led to many problems and struggles not only throughout the school, but specifically within the football team. During this time of hatred and segregation, one football team at T.C. Williams High School goes through the struggle of working together with teammates belonging to a different race. Through all of the hardships taken place in the film, the team gradually learns to not define one another because of skin color.
In 4-5 paragraphs, discuss the history of the US economy including productivity, growth, markets and government regulations.
The novel “To Kill A Mockingbird” is a literary work written in 1960 by the american author Harper Lee, who demonstrates the importance and benefit of moral education through the characters Scout and Jem Finch, which leads to their growth as characters. The underlying message of the novel in regard to these lessons is that each one has a profound impact on how both Jem and Scout’s actions change as they learn and mature from the events that cause the children to pick up these traits. The novel explores this notion through three main lessons that the above characters have learned during the story’s progression: the lesson of prejudice, courage and empathy.
As a policy, the Work Programme stems from particular conceptions of poverty and disadvantage. In terms of its aim to
Unemployment refers to the numbers of people not working and can be measured by the claimant count and labour force survey. There are different types of unemployment and each of them requires different policies to overcome them.
The unemployment benefit was supported by Great Britain’s government, by establishing eligibility rules based on prior contribution. The Labour Force Survey carried out in (2017), demonstrated that the number of people in the workforce from August to October increased, while the number of unemployed also decreasedto 47% and the number of people aged sixteen years to sixty-four years old are not working, neither do they have an interest to work. These categories of people are referred to in Great Britain as
DeNicco’s (2013), quantitative research focused on ‘employment-at-will exception (EWE) and jobless recovery’. The purpose of this document is to review and analyze the strengths and weakness of the research. In addition to stating the reason the article was written by DeNicco.
First off, finding a job is extremely difficult no matter the location. The National Unemployment Rate was 4.1 percent this past January, according to the Bureau of Labor Statistics. Unemployment rate means hundreds of thousands of people without jobs. " In 2017, Yorkshire a tap water company contributed to the unemployed rate by halting hundreds of jobs (Mason).” In contrast to Yorkshire tap water the
According to the latest research, almost out of five people only one is able to find work in regional Victoria. Melbourne, which is the biggest city of this state, has an unemployment ratio of 16.1. This rate further falls in small cities Mornington Peninsula 20.4 per cent and Geelong 21 per cent. The main reason for increasing unemployment rate is that young people are not interested to switch the manufacturing to service
The money being received for unemployment benefit is substantially high in Ireland. This means that people are less willing to look for work as they have a good income already. Looking for work would mean a loss of benefit or a reduce income due to tax which will reduce the incentive for a person to go look for work. Due to Moral Hazzard the system of payment are structured with a view to ensuring that the system of payments does not weaken the incentive of the unemployed to take on paid employment. Income tax and social security contributions levied on earnings determine the employee’s net earnings, when unemployed a worker receives payments. If the gap between this is too much it may affect the incentive to work. If the ratio is high then moral hazard increases as those who are unemployed may cease to work.
Truly, the best possible situation is to modify the welfare system, in order to properly ensure the cooperation of the individual who employs welfare’s benefits. Doing so, can to some extent promote the ideas of individualism in order to reduce the culture of dependency, while remaining true to the basic concept of a welfare state. One possible form of adapting the welfare system is to promote job seeking, requiring the individual to meet a certain quota of job applications, and interviews over a given time period, in order to ensure the individual is actively searching for a job, rather than relying solely on their benefits. This embraces the individualist ideas presented by the source, and reduces the dependency of the individual upon the welfare state. Another possible modification is the reduction of the amount of consecutive time one can spend on the benefits of the welfare system, barring recession. This modification would work hand in hand with the first modification to ensure the individual is adequately attempting to rejoin the workforce. However, in a recession, which would be identified by the government, there would be increased latitude extended to the individual in the regard of job seeking. This also embraces some individual characteristics, while maintaining the welfare system for the individual’s
However, life has changed, globalization and feminism have had a huge impact on the work environment all around the world. Technology has also made many jobs easier, yet very, very similar. Because of these changes, unemployment has become an issue all around the globe. The government views the unemployment situation as an individual problem. From the government’s perspective, unemployment is due to the lack of training of the individual. However, because
In this way, the Fed manages price inflation in the economy. So bonds affect the U.S. economy by determining interest rates. This affects the amount of liquidity. This determines how easy or difficult it is to buy things on credit, take out loans for cars, houses or education, and expand businesses. In other words, bonds affect everything in the economy. Treasury bonds impact the economy by providing extra spending money for the government and consumers. This is because Treasury bonds are essentially a loan to the government that is usually purchased by domestic consumers. However, for a variety of reasons, foreign governments have been purchasing a larger percentage of Treasury bonds, in effect providing the U.S. government with a loan. This allows the government to spend more, which stimulates the economy. Treasury bonds also help the consumer. When there is a great demand for bonds, it lowers the interest rate.
The absence of employment, therefore, can mean that many people do not have vital human needs met such as an opportunity to exercise control, to use and develop skills and have contact with others.