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Hello, welcome to our presentation. My group consists of Stella, Saad and I. As you go through our presentation, you will gain a deeper understanding of Economic Growth and Unemployment We also covered briefly about GDP as it is a significant matter that needs to be included when we talk about either economic growth or unemployment. We hope that you enjoy it and if you have any insightful comment to share with others, feel free to post. We've let people comment on any post.

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Economics is big word, and we can only wonder how it affects us in our daily lives. We sometimes ask ourselves; "What is Economics?" Economics, as surprising as it is, is in fact a science but is not like chemistry or physics. It is a social science, that covers topics such as human behaviour, investment, finance and society at large. Economics focuses on the needs and wants of human beings and how we find ways to satisfy these. Businesses are eager to make innovative products to have the largest share of the market and driving even more profits. The competition is fierce between manufacturing countries. We have limited resources, and we need to find sustainable ways to make the most out of it.

A country’s economy depends on a lot of factors such as the political situation, labour force, and unemployment. This article is useful in explaining the basis of economics. When we think about economics, we think about curves and graphs and this introductory article by the University of Toronto gives us an idea of what lies beyond this subject.

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University Professor Emeritus S. Hollander, OC, BScEcon, PhD, LLD, FRSC

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Economic growth means an increase in a country’s GDP (Gross Domestic Product), that is the ability to produce goods and services. It is measured yearly, and this shows that a country can experience economic growth as well as economic decline. With economic growth, a country reduces the unemployment and poverty rate since more jobs are created due to an increased demand for a good or service. Also, this leads to better social protection and more investments during the year. Growth matters because it helps to create quality standard living conditions even if it is small. A government may want to lower taxes or interests in order to invite more investors into a country like Canada, but it comes with some risks such as a rise in the inflation rate.

This video helps us to understand more about economic growth and GDP with simple visuals which makes it easy to follow along. The presenter uses clear and simple words to explain to the audience how economic growth happens and what in entails,

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What is Economic Growth? | Ask an Economist

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This graph shows the economic growth of Canada over the last 60 years. During the late 90s and early 20s, we can notice small increases. However, between 2002 and 2005, there was a considerable increase from about $20,000 to $45,000. Overall, we can clearly see that the US keeps on rising and is due to various factors namely consumers spending more money and a stronger job market.

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Canada’s economic growth slowdown: The case for a new Macdonald Commission – Jon Hartley for Inside Policy | Macdonald-Laurier Institute

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Reversing some of the areas where government is hindering economic activity could be the starting point for a new Canadian pro-growth policy plan.

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Unemployment is a situation in which an individual actively searches for a job but is unable to find work. Unemployment is a key measure of the health of the economy. The most frequently used measure of unemployment is the unemployment rate. It's calculated by dividing the number of unemployed people by the number of people in the labor force.

Unemployment is a key economic indicator because employed individuals can contribute to the productive output of the economy. More unemployed workers mean less total economic production.  High, persistent unemployment can signal serious economic distress and can even lead to social and political upheaval.

Categories of Unemployment: Economists divide unemployment into many different categories. The two broadest categories are voluntary and involuntary unemployment. When unemployment is voluntary, it means that a person left their job willingly in search of other employment. When it is involuntary, it means that a person was fired or laid off and must now look for another job

Main Causes of Unemployment are recessions, depressions, technological improvements, job outsourcing, and voluntarily leaving one job to find another are some of the causes of unemployment

Types of Unemployment: Today's economists point to three main types of unemployment: frictional, structural, and cyclical.

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What Is Unemployment? Understanding Causes, Types, Measurement

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Unemployment is the term for when a person who is actively seeking a job is unable to find work.

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Unemployment

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Canada’s unemployment rate reaches record 13.7% - National | Globalnews.ca

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It’s the highest jobless rate since comparable record-keeping began in 1976.

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Canada February employment +259.2K vs +75.0K expected

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Canadian jobs report for February 2021:
That is a stunningly strong number. In particular, the drop in unemployment with a flat participation rate. There was

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This topic has been a really interesting and intriguing one because it really made us go through all the aspects of Economics in the Real World. While researching for our topic, we went through economic growth, real GDP and how both are intertwined. What surprised us is that how GDP does not necessarily reflect the actual living conditions like in India where the country's GDP is very good but most of the population does not earn much money to be able to have decent living standards.

A real-life example would be how young people like us do not easily get a job after high school or college in Canada. Sometimes, we have to work in places where we are overqualified and under-valued and in the worst case scenario, we are not able to get one single interview for a job which leads us to being unemployed with student debt crippling on us.

There is a really important thing that we need to understand about unemployment: one can be unemployed because he or she got laid off due to structural change in the business or chose to be unemployed for a specific reason like taking care of a sick parent or relative for example. We do not have to look down on people who are unemployed but rather try to understand how they got there.