Employment and Its Effect on Economics :: Economy United States Essays Business

How has the take of employment/unemployment and national minimum wage legislation impacted on the economy as a whole and how will this heart the economy in the age to come?What is the current state of our economy? nearly many economists think that this year the economy will slowdown. In the die ten years or so our ecomony has been driven by factors much(prenominal) as high consumer spending and the soaring property market, our economy has set out already witnessed the housing market slowing down this in minute will have an effect on household spending. As for our manufacturing patience this has reported its worst fall in output in more than 10 years, increasing fears over the health of the UK economy. Also Factory work it is reported fell by 4% in the year 2002, This is the largest yearly slump since 1991, this is according to figures from the Office for National Statistics.Britains manufacturing industry is going by means of its worst recession since the early 1990s, ho wever high consumer spending has so far protected the wider economy.2004 has seen a rise in economic growing both in the UK and worldwide. Britain has had what economists call full employment for quite nearly time the problem for the future is that this could soon change and we could end up like germany with 10.5 % of the population out of work. The reason that this could happen is that many jobs that subsist today were created by the boom in the housing market in the 90?s however in the last four years or so house prices have doubled which has resulted in take down consumer spending growth this in turn has an knock on effect on the on the level of employment required in the sell industry and this is a problem.How can employment be classified? in that location are four types of job. These are aboriginal, secondary, tertiary and quaternary jobs. Primary jobs collect getting raw materials from the natural environment e.g. Mining, farming and fishing. Secondary jobs contend ma king things (manufacturing) e.g. making cars and steel. Tertiary jobs involve providing a service e.g. breeding and nursing. Quaternary jobs involve research and development e.g. IT. Employment Structures Employment body structure means how the workforce is divided up between the three important employment sectors - primary, secondary and tertiary. Employment structures change over time. Developing Countries unremarkably have a high percentage of the population in primary employment.