Essay Help (1 Viewer)

[Diya Jain]

this is my essay on employment and economic growth - I’m just wondering how I can change my response as I have an extended response exam and teachers can’t give too much feedback on the content it self

teacher feedback - those links between economic growth and unemployment were not as clear as they could be. Also, in terms of linking economic growth to unemployment, it seems to me that your response is along the lines of growth results in increases in AD which reduces unemployment. You also include something similar in terms of changes in AS. However, I'm just wondering if you can go deeper and maybe break unemployment down, and instead of treating it as one big concept, making break it down further in terms of specifics.

 

[jks22]

this is my essay on employment and economic growth - I’m just wondering how I can change my response as I have an extended response exam and teachers can’t give too much feedback on the content it self

teacher feedback - those links between economic growth and unemployment were not as clear as they could be. Also, in terms of linking economic growth to unemployment, it seems to me that your response is along the lines of growth results in increases in AD which reduces unemployment. You also include something similar in terms of changes in AS. However, I'm just wondering if you can go deeper and maybe break unemployment down, and instead of treating it as one big concept, making break it down further in terms of specifics.

I would've just done paragraphs like this:

- Para #1: Consumption (AD)

- Para #2: Government Spending into UE schemes (AD)

- Para #3: Microeconomic programs (ie investment into labour training initiatives) (AS)

That way you're addressing AD and AS side economic growth and also unemployment. Also side note but also add graphs you need them

 

[Diya Jain]

I would've just done paragraphs like this:

- Para #1: Consumption (AD)

- Para #2: Government Spending into UE schemes (AD)

- Para #3: Microeconomic programs (into labour training programs) (AS)

That way you're addressing AD and AS side economic growth and also unemployment. Also side note but also add graphs you need them

Thank youu, in terms of graph shld I add like AD and AS but then how shld I connect the graph to my info that I’m writing

 

[mmmmmmmmaaaaaaa]

When you mention the components of Aggregate Demand and Supply, it might also be useful to add the formula

Where you say in the second para "AD and AS need to match one another to ensure long term economic growth is sustained", you could include an AD and AS graph where it is at an equilibrium

 

[Flise]

I would try to include somewhere that ‘labour is a derived demand”

June quarter of 2020 economic growth declined by 7% correspondingly, U.R reached a high of 7.4%
I would double check the stats but use this to demonstrate the general inverse relationship between growth and unemployment

When unemployment is high -> consumers lose their disposable income -> consume less (AD declines as consumption contributes to 60% (or something around that number according to Keynes theory of AD)

Also since consumers consume less businesses sell less goods -> they reduce output (assuming businesses are rational (no point selling goods no one will buy) -> since GDP is measured by the level of output produced over 1 year - decline in GDP (main measure of economic growth)

Okun’s law -> economic growth needs to be around 3-4% for a decline of 1% in UR

Also the opportunity cost of unemployment -> individuals could be contributing to production but aren’t which hinders economic growth