Do you think this labor market efficient? Why or why not? Discuss some of the fa
ID: 1144941 • Letter: D
Question
Do you think this labor market efficient? Why or why not? Discuss some of the factors that may hinder the efficiency of this labour market. What could be done to make the labour market function more efficiently?
Total Male Female 2015 2016 2015 2016 2015 2016 Population 15 years old and over (Thousand) 57 475 28 713 25 454 4 842 20 612 3 259 28 761 28 385 20013 17 896 2710 15 186 2 117 8 372 28 828 20 411 18 312 2742 15 570 2 099 8417 29 090 8701 7559 2 133 5426 1142 20 389 29 539 9 153 7 962 2 070 5 893 1 191 20 385 Population Labour force Employed 58 366 29 565 26 275 4 812 21 463 3 290 28 802 Agriculture Non-agriculture Unemployed Not in the labour force 70.8 63.5 10.3 11.5 50.0 Labour force participation rate Employment rate Unemployment rate Non-agricultural unemployment rate 50.7 44.3 45.0 11.1 13.0 70.5 63.0 10.6 11.9 29.9 26.0 13.1 17.3 31.0 27.0 13.0 16.7 11.3 13.4 15-64 age group 54.6 55.4 48.3 49.2 11.3 13.0 Youth unemployment rate (15-24 age) 20.0 19.2 Labour force participation rate Employment rate Unemployment rate Non-agricultural unemployment rate 75.8 76.2 67.6 68.2 10.5 11.5 18.4 33.3 34.6 30.0 13.3 17.3 16.8 22.4 20.5 28.8 13.4 11.6 13.4 10.8 11.9 18.7 Figures in table may not add up to totals due to roundingExplanation / Answer
This labour market is not efficient because of these two reasons
High unemployment rate-as the unemployment rate is high for both males and females and it is higher for females.This indicates that the supply is more whereas the demand is less. This causes the market to be inefficient. Here the problem is there is a scarcity of jobs . The factors that cause the scarcity of jobs are
The labour force participation rate is low- It is infact lower for the females. This indicates a loss of labour resource from the economy. This can be because of the fact that there are more children and old age people or that the citizens are unwilling to search for jobs because it is very difficult to find them. Low female participation rate can be due to the fact that there are low benefits for females or there are some customs that prevent them from coming out of their home and work. Child rearing and other customery jobs can also cause low participation rate among females.
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