Economic Problems

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Economic Problems

Category: Thesis

Subcategory: Economics

Level: College

Pages: 1

Words: 275

Economic Problems
Both inflation and unemployment form an integral part of the market economy. Additionally, both aspects of economy represent social and economic implications for the communities (Alisa 89). Unemployment, whose basic definition is the absence of active employment that relates to a source of income results in an inability to support the standards of living in addition to low purchasing power which makes the individual helpless in the acquisition of basic commodities that include food, clothing, shelter, education, and healthcare. On the other hand, inflation is the gradual increase in the process of commodities which makes their acquisition challenging even for the individual with money, thereby impacting also the capacity to acquire the basic necessities.
While the two components of market economy point at the same outcome of resource acquisition, unemployment is inherently the worse of the two problems because it renders the individual utterly helpless resulting in additional consequences that include stress and depression. Ideally, unemployment is an individual problem, while inflation is the problem of the entire community which makes it bearable at the individual level (Alisa 89). Unemployment is, therefore, the worse of the two economic burdens because while inflation burdens an entire society, unemployment affects the individual with the outcome of suffering that targets only the individual and their families.

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