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Texas Economics Essay

884 Words4 Pages

Topic: Economics
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Economics is a key aspect that determines the running of a state, since it explains how resources in a country are used. According to Marshall, economics to him simply meant the study of the human race in normal business of life in relation to the social action undertaken by the respective and hence determines the level of wealth (Marshall, 1890). In this paper we are going to focus on two key factors, that is; the employment rate and the unemployment rate of states in Texas. Unemployment is a situation whereby an individual is actively searching for job and he or she is unable to find one. Normally unemployment is actually used by states to determine the level of health …show more content…

In addition, the labour force represents both the employed and the unemployed. From the month of June, decrease in the labour force is recorded. Similarly to labour force, employments also increases from the month of February to may and start decreasing from June. As the employment increases, the unemployment decreases from the month of February to the month of June. This presents an unemployment rate that is decreasing from the month of February to July.
The labour force in Texas is affected by various factors. These factors are; firstly, the level of education among its population. Texas has recorded a population increase more than United States. The number of unskilled people is lower as compared to the number of business that requires skilled labour. Secondly, increase in the number of the disabled, retiring personnel or ill have also contributed to the decrease in the labour …show more content…

The contribution to the economic growth will not change since she will still be working with other clients still on her website. The effect will be that her spouse will no longer be included in the economic growth rate since she will now be providing her services at no charge. GDP is impacted based on the same rationale. Then there will be an implication on the country’s national spending. The level of income of the woman will decrease hence her capacity in spending also decrease. This will eventually lower the level of the gross domestic

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