In this question, you will explain the impact of employment and unemployment in

Question

In this question, you will explain the impact of employment and unemployment in a free market economy. The country of France legislated the maximum length of a workweek. Because Americans tend to work more hours than Europeans, should the US government also legislate the maximum workweek? What consequences would a cap of 45 hours per week have on the US unemployment rate and on wages?

Every election season, the Affordable Care Act commonly known as OBAMACARE, becomes political folder, what do you think has been the impact of the act on society, individuals, healthcare costs, businesses and employment?

Explanation / Answer

Part A

Employment and Unemployment in Free market

We know that free market is a market there is no government control. So the market is functioned under the control of demand and supply of an economy. Under free market there is no control of profit maximisation of the industry. There is no government control, Which means that buyers and sellers allowed to transact freely based on a mutual agreement on prices. So they have not faced any government intervention in the form of tax, subsidies, etc..

When under the free market unemployment is greatest evil. So in this case of free market economy the little unemployment always exist. Sometime they cannot restrict any unemployment in the economy. In the case of employment in the free market economy it far above the well functioning of the labour market. In the free market all jobs are provided by the private business firm. So the efficient labour market will reduce the causes of unemployment.

So the existance of unemployment is economically good and politically evil. Economically the firm get more profits but politically unemployment create great pressure to the government.

In US the workers work overtime compared to any other industrialized nations. The overtime work give healthy output in the economy, But it create greater social cost. Not only for the workers but also their parents, family, child etc..overtime will increase the mental pressure to the employees. So the federal government will reduce their work to 40 hours per week than 45 hours in the week.

Part B

OBAMACARE

We know that obamacare is the Affordable care act of the US government. Under this care improves the health care of the people through regulations and taxes of the government. Under this act:

1. Get most percent of the Americans get health insurance

2. All them get improved healthcare and quality health insurance.

3. this law will control all the health insurance company under the control.

4. Most importantly health care cost will reduce under this act.

5. It will improve employer coverage millions of employers.

6. provide medicaid to all the adults in the state

This act is passed by the President Obama. It now a days political tool of the ruling party. Because it is people friendly policy of the government. under this act, provide all the peoples in the country affordable healthcare and quality health insurance.

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