EBK ECONOMICS
4th Edition
ISBN: 8220101443649
Author: KRUGMAN
Publisher: YUZU
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Question
Chapter 23, Problem 1BCQ
To determine
The role of temporary staffing in the economy.
Concept Introduction:
Temporary Staffing: Temporary staffing refers to a situation when the employees are employed only for a specified period for a specific task. When that task is completed, the employment is terminated.
Expert Solution & Answer
Explanation of Solution
- As per the given data, in 2007, 1.781 million unemployed people got into jobs whereas 1.929 working people got unemployed. This implies that there existed temporary employment and
unemployment in 2007.
- Between the recession period of 2007-2009, temporary employment decreased from 2% to 1.4% while after 2009, it increased back to 2% in 2014 because after recession period, employers were not stable enough to give full time employment.
- After this, the economy showed growth. During the growth period, the web-based companies came into existence.
- These web-based companies hired a large chunk of workers as temporary staff and freelancers which helped economy to grow further.
Conclusion:
Thus, temporary staffing played an important role in the economy.
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