7. Comment on the following sentences.

1. Unemployment does not follow equal opportunity rules.

2. There are a number of possible triggers for structural unemployment.

8. Give profound answers to the following questions.

1. Why is it difficult to measure unemployment? What measures are required to eliminate unemployment?

2. What is full employment? Is it a myth or reality?

3. What type of unemployment depends on business cycles and what type of unemployment is caused by changes in the economy such as technology or prices of resources?

4. How does unemployment affect the country’s economy and individuals?

5. What factors affect the employment situation in a country?

9. Practise reading §8 of the text. Translate it into Russian. Give a short summary of it.

C. How the text is organised

1. What do these words refer to in the text?

1) this (§ 2); 2) it (§ 9); 3) what (§ 10); 4) those(§ 12).

2. Find the paragraphs of the text dealing with the following concepts.

1) workers who do not have the necessary skills for the available jobs;

2) the impact of unemployment on the country’s economy and individuals; 3) unemployment experienced by people changing jobs; 4) the information about unemployment conditions; 5) the ways unemployment hurts the economy; 6) there is always some level of unemployment; 7) the primary responsibility of the public authority; 8) the reasons for unemployment.

V. Speaking

1. Giving your opinion

1.Explain how you understand the following sayings.

1. To help the unemployed is not the same thing as dealing with unemployment.

2. It’s a recession when your neighbour loses his job; it’s a depression when you lose yours.

3. One man’s wage rise is another man’s price increase.

1. Give your opinion on the following issues.

1. Young people are two to three times more likely than older people to be unemployed. Why?

2. Read the following descriptions of unemployment scenarios. Decide which of the four types of unemployment each scenario describes.

   • Because of reduced demand, a shoe making company temporarily closes one of its factories and lays off workers.

   • In September, a part-time student at the University loses his job at a discount supermarket.

   • A newspaper journalist leaves his job to make a switch into television journalism. He has been looking for a new job for several months.

   • A local travel agency has to close down because of the widespread availability of direct online booking options.

B. Discussion

Work in pairs or groups. Discuss your answers to the following questions.

1. Think about the type of career you hope to start when you graduate from the Academy. Do you think it is more likely or less likely than other careers to be affected by each of the various types of unemployment? Explain each of your answers.

2. Are there any jobs that can never be affected by unemployment? Why?

VI. Writing

Write a cause-and-effect essay that predicts what would happen if the minimum wage were greatly increased nationwide.

Unit 8 Finance. Financial System