today is....

THURSDAY READERS!!

today class was begun at 2pm as class for MGT 420 has been cancelled due to Mr.Hazman has something important to do..hehhehe.. :)

ECO 415..

today we did learn about unemployment..  Unemployment or joblessness occurs when people are without work and actively seeking work.The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in thelabor force. During periods of recession, an economy usually experiences a relatively high unemployment rate. 

There are several types of unemployment, each one defined in terms of cause and severity.

Cyclical

Cyclical unemployment exists when individuals lose their jobs as a result of a downturn in aggregate demand (AD). If the decline in aggregate demand is persistent, and the unemployment long-term, it is called eitherdemand deficient, general, or Keynesian unemployment.

Structural

Structural unemployment occurs when certain industries decline because of long term changes in market conditions. For example, over the last 20 years UK motor vehicle production has declined while car production in the Far East has increased, creating structurally unemployed car workers. Globalisation is an increasingly significant cause of structural unemployment in many countries.

Regional

When structural unemployment affects local areas of an economy, it is called ‘regional’ unemployment. For example, unemployed coal miners in South Wales and ship workers in the North East add to regional unemployment in these areas.

Classical

Classical unemployment is caused when wages are ‘too’ high. This explanation of unemployment dominated economic theory before the 1930s, when workers themselves were blamed for not accepting lower wages, or for asking for too high wages. Classical unemployment is also called real wage unemployment.

Seasonal

Seasonal unemployment exists because certain industries only produce or distribute their products at certain times of the year. Industries where seasonal unemployment is common include farming, tourism, and construction.

Frictional

Frictional unemployment, also called search unemployment, occurs when workers lose their current job and are in the process of finding another one. There may be little that can be done to reduce this type of unemployment, other than provide better information to reduce the search time. This suggests that full employment is impossible at any one time because some workers will always be in the process of changing jobs.

Voluntary

Voluntary unemployment is defined as a situation when workers choose not to work at the current equilibrium wage rate. For one reason or another, workers may elect not to participate in the labour market. There are several reasons for the existence of voluntary unemployment including excessively generous welfare benefits and high rates of income tax. Voluntary unemployment is likely to occur when the equilibrium wage rate is below the wage necessary to encourage individuals to supply their labour.

ACC 418

 we learn about bank statement and cash book. Cash book is usually refers to a statement from the bank showing the activity in a company's checking account. The statement includes the deposits received by the bank, checks paid by the bank, bank service charge, and other amounts transferred into and out of the checking account. A cash book, or petty cash log, is a ledger for keeping track of small cash purchases. Some small businesses such as restaurants find cash books especially useful because these companies tend to need small quantities of easily available supplies to make up for unpredictable shortfalls. Others, like tech companies, usually use their cash books less frequently because they are less likely to have urgent needs for tangible items that can be conveniently purchased at a location such as a corner store.