Reasons Unemployment Is Scary

Vocabulary Questions:

1. What does “scarce resource” mean, “All of this is done with the aim of allocating scarce resources.” Use this in your own sentence.
A resource is a component needed to produce something and ‘scarce’ means that there are a low number. Thus, scarce resource means a low number of components needed to produce/create something. Regarding the video, it means a low number of, for example, money, water, food, some materials, some minerals, etc…

2. What does “inner workings” mean, “Behind this definition, there is something much bigger going on, something that teaches us about the inner workings of the economy.” Use this in your own sentence.
It means how it works in the inside. Regarding the video, it means the core of the economy, how are its basics.

3. What is “free market“? “Free market economics does miraculously work quite well to get people paired up with jobs all over this country and world.” Use this in your own sentence.
Free market is an economic systems where prices are set freely by private companies depending on offer-demand and competition. That is, there is no regulation that set prices.

Discussion Questions:

1. What do you think of unemployment? Should we be concerned about it?
I think unemployment is an issue we should care about. People need to work, not just to earn money (that, in fact, let you survive and buy needs like food or a house), but to feel that we are useful in the society and for ourselves. I think it is not just an economic issue but also a social issue (and maybe psychological).

2. Is unemployment one of your nation’s most pressing societal issues? Why or why is it not the case?
Yes, it is. Unemployment is directly connected with the productive indicators in my country and thus it means that if we have a high level of unemployment it means that we are not producing enough, that there are people who lack basic things and that could arise social problems.

3. Explain ‘natural unemployment’. Share your thoughts on it.
Natural unemployment is that rate of people who have not found a job yet, maybe because the conditions do not fit them, or because there are not enough available offers. Natural unemployment is the rate a country can stand without suffering from economic and social issues.

4. Have you ever been without a job? Talk about this situation.
Yes, I have been in the past. I do not like to spend too much money so I had some savings. Thus, when I was without a job it was not a suffering situation for me. I could take it calmly and search for a job which really fit my needs and aspirations.

5. How does unemployment impact our lives and the country’s economy?
As I explained above, people without a job are not only suffering from economic issues but also social issues. Everyone is looking for its own happiness and working helps us not only to earn money but also to feel like we are useful. We should ask ourselves if we are really working on what we really want and if not, try to look for it.