Unemployment occurs when a person is available and willing to work but currently without work.

Economists use it to judge the performance of economy.Unemploym rate =the percentage of the labor force that is jobless and actively looking for work.Civilian labout force-is made up of people over the age of 16 who are employed or actively looing and avail for work.Unemployed-workers over the age of 16 who are not working but are able to work and who have looked for work sometime in previous 4 weeks.There 4 types of Unempl. : a.frictional unempl.experienced by people changing jobs. B.Seosonal umempl. leanked to seasonal work such as construction(demand for it falls in winter months) c.-structural unempl-a situation where jobs exist but workers who are looking fo=r work do not have the necessary skills.The dynamic economy will creeate struct unempl.New technology can replace human workers. D.Cyclical unempl- is caused by a part of business cycle with decreased economic activity.It includes Recession and a period when ec picks up again. Impact of umemployment: 1.Efficiency(it is unefficient,bc it wastes human resources) 2. Ineguality(in an economic slowdown those with the least experience lose their jobs first minoritiesand young. 3.Discouraged workers-people unempl for a lonl per os time lose theirs faith to get job that suits their skills. Inflation-a sustained rise in the general price level or a fall in the purchasing power of money.Instruments for measuring,to gauge Inf : 1.Consumer price indexmeasures a price change for a constant market basket of goods and services from one per of time to next within the same area. 2.Producer price index-a measure of changes in wholesale prices.Inflation ratethe rte of change in pricesover a set per of time.According to the degree of Inl rate there are 4 types of inflation: Moderate i. between 1-3 , Creepinf infl., Galloping infl a rapid increase in the price level, Hyper infl- an uncontrolled rate of infl in excess of 50 percents per month..Economists usually distinguish between 2 kinds of infl : -Demand pull inflation-a situation where total demand is rising faster than the production of goods and serv.The causecreation of excess money . Cost push inflation =- a sit where increases in production costs(of raw mater,energy) push up prices. The impact of Infl: -Decreasing value of money and other monetary items - Increasing interest rates and it means that borrowing money becomes more expensive. Decreasing real returns on savings,inflation discourage savings.

Management the process of coordinating 4 types of resour::material,human,financial,informatio n to achieve the primary goal of the organization.Managements has 4 functions: 1.Goal setting and planning. A goal-an end state that the org is expected to achieve.Purpose-the most fundamental goal or the reason for its existence. The mission-the means by which to fulfill the purpose. Managers also have to specify some objectives-a specific statement detailing what the org intends to accomplish and it goes about it s mission.After setting goals,managers are making plans- a outline of actions by wich the org intends to accomplish its goals.After this manager should set the org strategy which comprises a lot of tactcal plans for a long per of time. 2.The second function is organizing the enterprise grouping of all resources and activities to accomplish some end results in an efficient way. 3.The third function is Leading and Motivating critical activities.Leading-is the process of influencing people to work toward a common goal. Motivating-process of providing reasons for people to work in the best interest of the org.Together => directing. 4.Controlling ongoing activities-process of evaluating and regulating ongoing activities to ensure that goals are achieved.It includes 3 steps:-setting standarts to which the performance can be compared second,measuring the performance and comparing with the standart - taking corrective action. According to the function assigned to managers,they can be divided into levels and areas.Top manager an upper-level executine who guides and controls the overall fortunes if the org,they are responsible for interpreting the org purpose and its major policies(president ,vice president,chief executive officer) Middle manager-a manager who implements the strategy and major policies handed down from the top level of the org.they develop tactical plans and standart operating procedures.Also they coordinate and supervise the activities of lower level maganers (deparment head) .Lowerlevel man- they coordinates and supervise the active of operating employees.They spend most of their time working with and motivating employees. ( foreman,superviser,office manager) Areas of management : 1.Operation manager(creates and manages the systems that converts resources into goods and serv) 2.Financial manager(primary respons is the org financial resources,accounting and investment ) 3. Human resources managers(persons charged with managing the org formal human resources programs) 4. Administrative manager ( provides overall administrative guidance and

leadership) 5. Marketing manager(I resp for facilitatin the exchange of products between the org and its customers.Specific areas are marketing research ,advertising ,promotion,sales,distribution)

The general manager responiabilities: long term planning ,finfind and training competent subordinates,coordination,decision making.He should have superior Leadership skills,Decision-making skills, problem-solving skills and conflictmanaging abilities.He must also have a combination of skills ,experience and education.Traits and characteristics of a successful manager : Communication skills(listening and talking) , Human skills , time-management skills ,technical skills , computer skills. Marketing process of planning and executing the concept,pricing,promotion and distribution of ideas ,goods and services to create exchanges that satisfy individual and org objectives.The marketing concept-business philosophy that involves te entire org in the process of satisfying customers needs while achieving the org goals. 1.To implement the concept,a firm must first obtain inf about itspresent and potential customers.2.Determine the customers need and how those needs can be satisfied by products curentl on the market. 3.To obtain the customers ideas about theit products and marketing efforts. 4. The firm must mobilize its marketing resources to : a)provide a product that will satisfy its customers b) price the product at a level that is acceptable to everyone and that will yield a profit c) promote in such a way that customers to know about its existence d) to distribute so that the prod to be available to customers where and when needed. Marketing research-the process of systematically gathering,recording and analyzing data concerning a particular marketing problem.Threre 2 types: Primary market research-first hand inform from currect and potential customes.Its more expensive and time consuming. (surveys,focus group,individual interviews) Secondary market research(reports,local newspapers,business magazined,library,stratistics,trad associasions)

Developing marketing strategies .A marketa group of individuals,org ,or both who have needs for products in a given category and who have ability,willingness and authority to purchase such products.Markets are classified as consumer ,industrial(includes producer,governmental,institutional) or reseller markets.

Marketing strategy- a plan that will enable the org to make the best use of its resources and advantages to meet its objectives.It consists of selection of a target market and creation and maintance of an appropriate marketing mix. Market segmentation-process of dividing a market into segments and directing a marketing mix at a particular segment .

Markenting mix- product,place,promotion ,price elements which are the basic,tactical componets of a mark plan. Benefits of marketing activities: 1.development of a new product 2.creation of time,place a nd possession utility 3.creation of jobs 4. improved standart of living.