Name of Candidate: Rihanna Hamilton

Name of School: Charlestown Secondary School

Name of Teacher: Sir Josiah

Subject: English A

Territory: Guyana

Year of Submission:
TABLE OF CONTENTS

Introduction……………………………………………………. 3

Plan of investigation…………………………………………….4

Arifacts………………………………………………………….5-12

Reflection 1……………………………………………………..13

Reflection 2……………………………………………………...14

Reflection 3……………………………………………………...15

Group written report….….………………………………………16-17

Plan of oral presentation………………………………………...18

Reference…….…………………………………………...……...19
 Introduction

The researcher would have chosen the sub-topic “Unemployment” for the topic “Economic

Hardship”.

Unemployment can lead to economic hardship during tough times. When people are

unemployed, they have less money to spend, which affect businesses and puts a strain on

government resources. It’s a complex issue that requires support and solutions.
 Plan of Investigation

My group’s theme is “Economic Hardship”, my topic is “Unemployment”. I have chosen this

topic because unemployment is a significant aspect of economic hardship that affects many

individuals and industries during recessions, I want to gain a deeper understanding of its root

causes and how it impacts different demographics. As an English student, I will benefit by

improving communication skills and enhancing my critical thinking. I will use an article, poem

and a video and I will be using the internet to gather information for my investigation.
INDIVIDUAL ARTIFACT-1

An Online Artifact

Unemployment: The Curse of Joblessness

Back in the depths of the global financial crisis in 2009, the International Labor Office

announced that global unemployment had reached the highest level on record. More than 200

million people, 7 percent of the global workforce, were looking for jobs in 2009.

It was not a coincidence that the global economy experienced the most severe case of

unemployment during the worst economic crisis since the Great Depression. Unemployment is

highly dependent on economic activity; in fact, growth and unemployment can be thought of as

two sides of the same coin: when economic activity is high, more production happens overall,

and more people are needed to produce a higher amount of goods and services. And when

economic activity is low, firms cut jobs and unemployment rises. In that sense, unemployment is

counter-cyclical, meaning that it rises when economic growth is low and vice versa.

But unemployment does not fall in lockstep with an increase in growth. It is more common for

businesses to first try to recover from a downturn by having the same number of employees do

more work or turn out more products, that is, to increase their productivity. Only as the recovery

takes hold will businesses add workers. As a consequence, unemployment may start to come

down only well after an economic recovery begins. In fact, in the last three recessions, the

unemployment rate continued to rise after the end of the recessions; a phenomenon called

“jobless recoveries.”

The phenomenon works in reverse at the start of a downturn, when firms would rather reduce

work hours, or impose some pay cuts before they let workers go. Unemployment starts rising
only if the downturn is prolonged. Because unemployment follows growth with a delay, it is

called a lagging indicator of economic activity.

How sensitive is the unemployment rate to economic growth? That depends on several factors,

most notably labor market conditions and regulations. One estimate for the strength of this

relationship for the US economy is Okun’s Law (named after the late economist Arthur Okun),

which postulates that a decline in unemployment by 1 percentage point corresponds to a 3

percent rise in output. More recent estimates find that the consequent rise in output may be

lower, possibly between 2 and 3 percent.

How far does this inverse relationship between growth and unemployment go? If economies kept

expanding, would one expect to see unemployment disappear? This is not the case even in the

2000s when the global economy was prospering (at least until the 2008–09 crisis), global

unemployment declined but never reached zero. This observation raises one basic question: Can

unemployment ever fall to zero?

Clearing the market

According to classical economic theory, every market, including the labor market, should have a

point at which it clears where supply and demand are equal. (See “Supply and Demand”) Yet the

very existence of unemployment seems to imply that in labor markets around the world, the

demand for and supply of labor fail to reach an equilibrium. Do labor markets continually fail?

Sometimes it is a matter of wages, or the unit price of labor, not adjusting to clear the market.

Some workers, particularly skilled ones, may have reservation wages below which they are not

willing to work, but which are higher than what employers are willing to pay. Alternatively, the

wage an employer is willing to pay may be lower than the legal minimum wage set by
governments to try to ensure that wages can sustain a living. When such rigidities in the labor

market led to a shortage of jobs, it is called structural unemployment and those who are

structurally unemployed tend to have longer spells of joblessness, on average.

But the inflexibility of wages does not fully explain the perennial nature of unemployment. Some

level of unemployment will always exist, for no other reason than there always will be some

people who are between jobs, or just starting out their careers. These people are unemployed not

because there is a shortage of jobs in the market, but because finding a job takes time. Such

temporary spells of unemployment are referred to as frictional unemployment.

The combination of these factors brings about a long-term average around which the

unemployment rate tends to fluctuate, called the natural rate of unemployment (NRU). The term

“natural” does not mean it is a constant that cannot be changed; to the contrary, it implies that

labor market characteristics, which are mostly driven by policies, determine it. For example, the

relatively high rate of unemployment in Europe compared with the United States is in part

attributed to Europe’s stronger unions and stricter labor regulations. These labor market

institutions may give European workers a better bargaining position, but they can also render

workers too expensive for the employers. In the United States, unionization is lower, and labor

markets are more flexible, meaning laying off workers is easier, but workers have traditionally

enjoyed higher employment rates than their European counterparts.

The natural rate of unemployment is sometimes called the nonaccelerating inflation rate of

unemployment (NAIRU), because it is consistent with an economy that is growing at its long-

term potential so there is not upward or downward pressure on inflation. The flip side of this

argument suggests that whenever unemployment temporarily deviates from the NAIRU, inflation

would be affected. Consider a recession, a period of low economic activity. With lower demand
for goods and services, firms would start laying off workers and at the same time not raise their

prices as much as they would have. So, one would observe a rise in unemployment and a drop in

inflation during recessions (see “Recession: When Bad Times Prevail”). This trade-off between

unemployment and inflation described by the Phillips curve (named after the late economist

William Phillips) is only temporary, though; once prices adjust to a new equilibrium that clears

the goods and services market, firms go back to production at full capacity and unemployment

once again falls to NAIRU.

Understanding what is behind the long-term equilibrium rate of unemployment helps

policymakers understand how they can, and cannot, change it. For example, policies that try to

lower unemployment by boosting consumer demand (thereby raising production) can do so only

temporarily, and at the cost of higher inflation later. However, policies that are geared toward

easing frictional or structural unemployment can boost employment without necessarily affecting

inflation.

But the NAIRU can also change over time without any explicit policy action: structural changes

such as technological advancements or demographic shifts can have long-lasting effects on

unemployment trends. For example, many economists agree that the technology boom of the

1990s increased labor productivity, making each worker more “desirable” to employers, and has

therefore reduced the NAIRU although there was an initial blip of unemployment as workers

untrained in using the technologies were displaced. A rapidly aging population is occurring in

many advanced economies today. This is another important factor in reducing the number of

people in the job market and bringing unemployment down.

Measuring unemployment

Not all people who don’t work are unemployed. To be considered unemployed by government

statistics, a person would not only have to be out of work, but also be actively looking for a job,

for example, by sending out résumés. In the United States, unemployment is measured by a

monthly survey of households conducted for the Bureau of Labor Statistics and covers a

representative sample of more than 100,000 individuals. The labor force includes both those with

jobs and those looking for them. The unemployment rate is the percentage of the labor force that

is looking for a job. The labor force is only a portion of the total population. The ratio of the

labor force to the working-age population is called the labor force participation rate.

The labor force excludes people who are of working age but are neither employed nor looking

for jobs such as students and homemakers. But the labor force also leaves out jobless people who

were in the job market unsuccessfully for so long that they stopped looking for a job. Such

discouraged workers are one reason unemployment statistics can underestimate the true demand

for jobs in an economy. Another form of hidden unemployment in statistics comes from counting

as employed anyone who did any work for pay (or profit, if self-employed) in the week prior to

the government survey. This hides the demand for work from people who would have preferred

full-time employment but are working fewer hours only because they could not find full-time

jobs. In short, when it comes to measuring unemployment, the devil is well hidden in the details.

Oner, C. (September,2010). Unemployment: The Curse of Joblessness, IMF

https://www.imf.org/external/pubs/ft/fandd/basics/32-unemployment.htm
INDIVIDUAL ARTIFACT-2

A Poem

Unemployment

Everyone has an ambition,

To get desired occupation;
The only path is education,
That leads to our destination.

Journey begins from school,

I have to obey teacher's rule;
I get punished being a fool,
So I plea assistance of Google.

As a child, I was care free,

When I grew, dreamt of rupee;
Situation is like a hiveless bee,
Pleading for job bending my knee.

To survive, I have become impatient,

And aspire for a job in government;
Thinking of future, I am in lament,
And Unemployment made me faint.

By Nanda Kishore

Kishore, N. (2017, March 24) Unemployment, PoemHunter.com

https://www.poemhunter.com/poem/unemployment-19/

(Language Technique- Rhyme scheme)

INDIVIDUAL ARTIFACT-3

A video

IMF. (2020, February 4) Unemployment Explained | Back to Basics. YouTube.

https://youtu.be/mR32kHBKhQE?si=oHavoif6kjTFNCxl

Excerpt of transcript of video

“Ariana from the IMF explains that unemployment can be understood through demand and

supply. Cyclical unemployment rises and falls with economic activity when production is high,

unemployment is low, and vice versa. Structural unemployment occurs when there’s a mismatch

between workers’ skills and available jobs, often due to industry changes or technological

advancements. Frictional unemployment happens when people voluntarily leave jobs, reflecting
the freedom to change work or location in a dynamic society. While reducing unemployment is

important, achieving zero unemployment may not be practical.”

(Language Technique- conversational tone)

 Reflection 1

My previous knowledge about changes in economic activity reveals its impact on

unemployment rates. When economic activity declines, unemployment rises due to reduced

demand for goods and services. Conversely, economic growth reduces unemployment by

creating jobs. This relationship shows how economic cycles influence employment, as discussed

on a website called “imf.org.”

My second artifact is a poem published on “PoemHunter” in 2017, reflecting the journey

from education to employment. It explores challenges in pursuing career goals, depicting the

shift from carefree childhood to adulthood. The poem emphasizes ambition and resilience in

achieving financial stability and navigating the job market, especially aspiring for government

jobs.

My third artifact is a video titled Unemployment, explaining three types: cyclical, structural,

and frictional unemployment. Cyclical unemployment arises from economic shifts, structural

unemployment highlights the need for skills training, and frictional unemployment involves

short-term job changes. It concludes that zero unemployment is unrealistic due to natural market

fluctuations.
 Reflection 2

The article, Informative article on the financial crisis is informative; it examines the impact of

the 2009 financial crisis on global unemployment. Statistical analysis is used in the statement,

“The impact of the 2009 financial crisis on global unemployment and its connection to economic

activity.” This allows readers to visualize the link between unemployment and economic growth.

The poem, Journey from education to employment is reflective, it highlights the struggles people

face seeking a fulfilling job. Rhythm is evident in the line, “The journey from education to

employment and the challenges faced along the way.” This rhythm emphasizes the common

desire to overcome challenges and achieve success.

The video, Informative video on unemployment is analytical, it explains the types and causes of

unemployment. Detailed analysis is used in discussing cyclical, structural, and frictional

unemployment. This shows how economic and technological changes contribute to joblessness.
 Reflection 3

My SBA process has been an enriching and insightful journey. I have developed a greater

understanding of unemployment and its far-reaching impacts on individuals, families, and

economies at large. This research has made me realize the importance of equipping myself with

valuable skills to adapt to the ever-changing job market while also advocating for policies that

reduce unemployment and support economic stability.

Working with my group members has been a rewarding experience as it strengthened our

teamwork and communication. Sharing ideas and discussing different perspectives enhanced our

collaboration, and though there were moments of disagreement, I learned the importance of

compromise and effective conflict resolution. The SBA has also taught me the value of meeting

deadlines and prioritizing tasks, sharpening my time management skills. Additionally, my ability

to conduct research and critically analyze information has improved significantly, which I know

will benefit me in future academic and professional endeavors.

 Group’s Written Report

Our group investigated various aspects of Economic Hardship such as Poverty and Children's

Development, Economic Recession, Unemployment's Role in the Growth or Decline of the

Economy, The Relationship Between Economy and Families, and Unemployment. The artifacts

were simple to find since economic hardship is a widely discussed topic in articles, videos, and

poems. However, while there were many articles available, we found fewer poems and videos.

The group met at school to review and analyze the artefacts. We decided to select three artefacts

based on their relevance to our theme and their ability to engage the audience. In total, our group

collected twelve (12) artefacts. The artefacts chosen were an online article, Economic Hardship

and Violence: A Comparison of County-Level Economic Measures in the Prediction of

Violence-Related by Jeanie Santaularia (2023), a video, Crisis in Our Economy by Melvin

Banggollay (2008), a video, A Time to fight Weathering Economic Hardship in Detroit from The

New York Times (2013). The three selected artifacts were shared with all members to have them

included in our portfolios

The article "Economic Hardship and Violence" by Jeanie Santaularia (2023) examines the

relationship between county-level economic factors like unemployment and foreclosure rates—

and violence-related injuries in Minnesota from 2005 to 2012, highlighting the need for targeted

public health interventions addressing economic pressures.

Melvin Banggollay's poem "Crisis in Our Economy" (2008) addresses the effects of economic

hardships, rising oil prices, and corruption on society. It highlights how these issues threaten

stability and deepen poverty, making it relevant to current economic challenges and the need for

reform.
The New York Times video "A Time to Fight: Weathering Economic Hardship in Detroit"

(2013) showcases individuals' resilience amid economic challenges. It emphasizes their struggle

to retain homes and dreams, highlighting community strength and empowerment as key factors

in overcoming financial adversity.

 Plan of Oral Presentation

Theme: Economic Hardship

Topic: A World Unemployed

Genre- Poetry

Source: Oner, C. (September,2010). Unemployment: The Curse of Joblessness, IMF. (2020,

February 4) Unemployment Explained | Back to Basics.

Language Technique: Imagery

Reference

1. https://www.imf.org/external/pubs/ft/fandd/basics/32-unemployment.htm

Written by: Ceyda Oner

Publish: September,2010

2. https://www.poemhunter.com/poem/unemployment-19/

Written by: Nanda Kishore

Published: March 24, 2017

3. https://youtu.be/mR32kHBKhQE?si=aWk3Gp8ad9W4tn55

Written by: IMF

Published: February 4, 2020