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UNEMPLOYMENT- A system where persons of working age are not working or seek employment.
TYPES OF UNEMPLOYMENT (Kinda like why they are unemployed)
*Seasonal - person work only part of the year
*Structural - A change in the amount of demand for a particular product
*Deficient Demand - The lack of demand for a particular product
Cyclical - A normal trade cycle of boom and depression
Technological - The use of new techniques n technology in production
C
Frictional - When a person leave their job to find another one
Disguised - These are the persons are paid but not employed
R
R
Capital - is the money and alll other assets that are employed in the process of production
eg of capital -
Forms of Capital - Personal & Business
PERSONAL CAPITAL - are someone's personal belonging /valuable.
Business capital - are the assets are owned or belong to the business. They are broken into 2 areas:
#Fixed capital - machines, land, buildings, furniture
#Circulating capital - raw material, current assets(cash)
Types of Capital - Fixed & Working
CAPITAL ROLE
*Establish or expand the business
*Produce other goods and services
*Help in the smooth and efficient running of the business
*Used as collateral
*To enlarge the business and merge with other companies
*Create profits by expanding production
ENTERPRISE - Someone who operates a business enterprise and accept all the risks involved
Entrepreneur Responsibilities
*Accessing the necessary funds to start a business
Organize the management of production, personnel, marketing & finance department.
Be aware of the nature of the market for goods n services.
Uphold the economical, political and social responsibilities as a corporate citizen
ENTREPRENEURIAL SKILL CONTRIBUTE TO ECONOMY
*Forms the basis of free market economy
*Creates Jobs
*Contributes to increase in income
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