Drawbacks of recession in the economy Term Paper

Drawbacks of recession in the economy - Term Paper Example 9- paragraph 1). Thus, economics and societal commentators view and gauge other range of variables such as the general welfare of people, level of prices amongst many other economic growth or decline indicators. Therefore, for the purposes of this essay, the paper will focus on the drawbacks of recession to the global economies with a skewed interest in the United States of America. Specifically, the paper would articulate how recession leads to increase in unemployment standards, reduction in the quality of life or welfare and a decline in the price of assets. To begin with, there is the instance and situation of falling output or the national production level. It is imperative to note and mention that once the country produces lesser than the actual potential, the gross domestic product or the aggregate measure of value of a country’s wealth would be reduced. The amount of real Gross domestic product directly relates to the amount of income that the same person or entity would be realize. As a result, the amount of wages would be skewed to grow in a slower rate or decline altogether. There stems a combination of employees incentives and urge to create a structure within the government to redistribute resources (Palley, 2013, p. 25-paragraph 2). For instance in the United States of America, Walmart retailers as an employer to many people has in the past established a program of rewarding its employees through bonuses and continuous salaries and wage increase. However during the time of national recession, the employees of Walmart were neither given bonuses nor salary increases. Instead, there was a reduction in their cumulative financial benefits such as being given only their basic salaries and wages. Thus, in all aspects and fairness, it would be imperative to note that the wage levels and bonus of the employees reduced. Secondly, during times of economic

Mining and use of Natural resouces Essay Example | Topics and Well Written Essays - 500 words

Mining and use of Natural resouces - Essay Example olcanoes; the awareness of these hazards has made the modern man life safe through the modification of the houses and other infrastructures (Husain, 2008). The possibility of an earthquake occurring is 100 percent and that means an earthquake can occur anytime and somewhere on the earth. Asserting that an earthquake will occur does not really mean that earthquake has been predicted (U.S. Geological Survey, 2009). Presently, earthquake cannot be predicted but the statement may be true due to the fact that a number of earthquakes (in millions) occur each year, thus, their occurrence daily is in thousands (they are too minute to be located). Earthquake prediction is a possibility in the future. There is an ongoing research done by USGC and other state and federal agencies, private institutions and universities. The reality of earthquake prediction is possible some day in the future but this is only when the mechanisms of earthquake are fully exploited (U.S. Geological Survey, 2009). Industrialization and urbanization are responsible for different types of surface/subsurface water pollution and wastes and it has become mandatory for the schools in the developing countries to offer geoscience education. The neglect of the subject at some level of education (especially at the junior level) has caused the lack of awareness about energy conservation, environmental protection, and the conservation of other geological raw materials (Husain, 2008). With the help of the geology-based assessment methodology, it is estimated that there are about 53 (TCFG) trillion cubic feet of nonassociated natural gas in undiscovered and conventional accumulations and mean volumes of 896 million barrels of oil in the National Petroleum Reserve in Alaska and the adjacent State waters; this is according to the U.S. Geological Survey. The volume of undiscovered oil estimated by U.S. Geological Survey is lower than the one estimated in 2002 and this is due to the recent exploration drilling