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Unemployment and Lack of Economic Opportunities
Leah Silas
University of Arizona Global Campus
GEN 499 General Education
Capstone Meghan Gilson
20 November 2023
, 2
Unemployment and Lack of Economic Opportunities
Unemployment has been on the increase despite the numerous actions by the government
to create jobs. Unemployment highly depends on economic activities; when economic growth is
low, then unemployment increases and vice versa. Issues relating to industrialization, such as the
automation of informal jobs in the manufacturing sectors, have contributed to unemployment.
Additionally, the COVID-19 pandemic and its related measures increased the already existing
risk of unemployment and lack of economic opportunities (NGUYEN et al.,2020). Globally,
unemployment and lack of economic opportunities have been linked to race or ethnicity,
education inequality, psychological issues, and poverty. The existing gap in job opportunities has
led to the current economic problems relating to poor social amenities, low economic growth,
and income inequalities. Classical economic theory implies that all markets have an equilibrium
point where demand and supply are equal; this applies to the labor market (Inoua, Smith, 2023).
However, the existence of unemployment indicates that global labor markets, the supply of
labor, and the demand for labor have failed to reach equilibrium. Therefore, there is a need for
the government to enact practices that will significantly solve these issues through job creation,
job training, and enhanced investments.
Background
The labor market has often been affected by the economic conditions of the country,
pandemics, and the digitalization transformations of manufacturing companies. Many people are
not career-driven but rather depend on the skills gained, and they thus fall under the informal
sector. However, these are the people who are rendered jobless by the automation of most
businesses; machines are replacing people. Moreover, the formal sector of skilled workers is
also
Unemployment and Lack of Economic Opportunities
Leah Silas
University of Arizona Global Campus
GEN 499 General Education
Capstone Meghan Gilson
20 November 2023
, 2
Unemployment and Lack of Economic Opportunities
Unemployment has been on the increase despite the numerous actions by the government
to create jobs. Unemployment highly depends on economic activities; when economic growth is
low, then unemployment increases and vice versa. Issues relating to industrialization, such as the
automation of informal jobs in the manufacturing sectors, have contributed to unemployment.
Additionally, the COVID-19 pandemic and its related measures increased the already existing
risk of unemployment and lack of economic opportunities (NGUYEN et al.,2020). Globally,
unemployment and lack of economic opportunities have been linked to race or ethnicity,
education inequality, psychological issues, and poverty. The existing gap in job opportunities has
led to the current economic problems relating to poor social amenities, low economic growth,
and income inequalities. Classical economic theory implies that all markets have an equilibrium
point where demand and supply are equal; this applies to the labor market (Inoua, Smith, 2023).
However, the existence of unemployment indicates that global labor markets, the supply of
labor, and the demand for labor have failed to reach equilibrium. Therefore, there is a need for
the government to enact practices that will significantly solve these issues through job creation,
job training, and enhanced investments.
Background
The labor market has often been affected by the economic conditions of the country,
pandemics, and the digitalization transformations of manufacturing companies. Many people are
not career-driven but rather depend on the skills gained, and they thus fall under the informal
sector. However, these are the people who are rendered jobless by the automation of most
businesses; machines are replacing people. Moreover, the formal sector of skilled workers is
also
