Economic Essay Example | Topics and Well Written Essays - 1250 words

Economic - essay ExampleIronically enough, lower employment figures make industries less agile to be able to move to rapid changes in economic conditions, paradigmatic shifts in industry sectors and the ability to absorb newer worker populations into real industries. Analysis There is no such thing as a free lunch and this novel news about employment figures speaks to this in volumes. On the surface, it would appear this can be nothing precisely good news for all concerned but it certainly comes with tradeoffs and opportunity be. The very fact that students argon attending university instead of straight off going onto the job market demonstrates that full employment is not unavoidably the best thing for an parsimoniousness. In the end, economics appears to be about the effective use of finite period and resources. The Australian economy is considered by many Western observers to be one of the strongest in the industrialized manhood outpacing even the gargantuan economies of the EU and the United States. The large trade And mining sectors in Australia and c areful trouble to the Eastern economies in India and China are giving Australia a boost other Western nations obviously dont have The comments also chime with recent commentary from the RBA, which has been at pains to underscore the importance of the rapidly growing Asia region to the economic medical prognosis, stressing China and Indias emergence as crucial factors for Australias outlook and putting it above concerns about the US economy. (Curran 2010,2) Is there a downside to the positive news about mellow employment? There are certainly trends which have a negative impact on the future. invite opportunity costs for instance, if most potential employees in an economy were to forego higher education and immediately jump into the market, where would the university students be? Here you have an example of a number of potential hires in the economy intentionally foregoing present consumption for future gain by measuring the opportunity costs and taking the decision that a rather impoverished state now will yield advantageously higher employment returns in remuneration in the future. Whether the engineer, doctor or attorney, large investments of time and resources are devoted to preparing for future employment for perceived greater gains in both salary and prestige. The forgone salary is important but the potential future gains are clearly evident if the student continues to excel at university. In the case of doctors, one can spend almost a decade simply attending tame and preparing for the various residencies required to establish professional credentials. From a scarcity perspective, fewer students will self-select to both search the grueling process through and have the means to remove themselves from the employment sector for that length of time. The opportunity costs for doctors tends to be so steep that it speaks to the higher salaries they commend once gradua ted due to the abbreviate lack of numbers of students willing to suffer through the process of self-imposed privation and years of study. The Australian AMA was even concerned about the placement of students in shortage intern positions