ECO 1000 Principles of Economics Discussion

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ECO 1000 Principles of Economics Discussion

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This discussion will help you better understand a country’s business cycle along with the different types and causes of unemployment.

Choose a country to research using World Facts Book or Trading Economics. Please answer the following questions in your initial post.

  • What are the different phases of the business cycle?
  • What is your country’s current phase of the business cycle? (Please support your answer.)
  • How is unemployment calculated?
  • What are the different types of unemployment?
  • Which type of unemployment has the greatest impact on your chosen country and why?

Here is one of my peer’s post that you will use for the reply post.

The different phases of a business cycle are the peak, recession, thought, and recovery.

  • The peak phase is when a country is at its highest level of the total economic output.
  • The recession phase is when the “economy is expiring high levels of unemployment, two or more consecutive quarters in which the real GDP has dropped, and interest rates and inflation levels will be at lower levels” (Blackboard, n.d.).
  • The through phase is when the economy has entered a depression.
  • The recovery phase is when the real GDP growth starts to rise along with employment, interest rates, and inflations rates.

The country I choose is Brazil, as it is currently in a recession business cycle. The GDP growth rate is down to 1.2 compared to the previous rate of 3.2. Even though the unemployment rate is slightly down from 14.7 to a current 14.6, it is still considered a high unemployment rate (“Brazil – Economic indicators,” n.d.). Brazil is currently being hit hard by COVID-19 cases, which is taking a toll on the country.

Unemployment is calculated by dividing the number of unemployed people by the total number in the labor force, then multiplying by 100.

The different types of unemployment are frictional, seasonal, structural, and cyclical.

  • Frictional unemployment is when a person has transferable job-related skills but needs time to find employment and might need to relocate.
  • Seasonal unemployment is when the work is not available throughout the year.
  • Structural is when a consumer has the job skills that do not have what the job requires or needs.
  • Cyclical is when unemployment is created when the economy plays a part.

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