Employment

The 3 main elements of economics are labor, land, and capital. There are specific jobs that are connected with each of these elements. Labor is an effort necessary to satisfy human needs, for example the production of raw materials, manufacturing, the transformation of raw materials into products, the distribution of products, and the management of production. There is productive labor which produces objects and unproductive labor which includes the service industry. The Industrial Revolution played an important role in the history of employment. Before it, employment consisted of mostly farming and crafts. After it, factory workers came into play. The technological revolution marked the expansion of computers which supported technical jobs. Where there is employment, there is also unemployment. A person may want to work but he or she can´t find a job and it can have negative psychological effects. Unemployment shows the stability and the prosperity of a country. Unemployed people get welfare (money from state). Frictional unemployment is short term unemployment between the changing of jobs. Jobs can be seasonal, for example vegetable or fruit growing, or working in mountains or theme parks. Thus there can be seasonal unemployment as well. There is also structural unemployment where the qualifications of available human capital don´t match the available jobs. Cyclical unemployment is when the state economy gets better or worse and thus unemployment rates drop or fall with job availability. If the economy is doing well, there are more available jobs. However, if the economy is doing poorly, then companies try to cut down on their costs and thus their employees as well and unemployment rises. What would you do if you couldn´t find a job?