| Financial stability has long been the goal of the | | | | market for their particular set of skills; |
| individual. Education merely serves as a foundation | | | | (2) the individual is physically not capable of doing |
| and starting for this goal. Getting a job is of | | | | work due to some peculiar medical condition (i.e. |
| utmost importance if the individual wished to | | | | paralysis, heart disorders, etc); |
| progress not just financially but in other aspects | | | | (3) the person is mentally not able to handle any |
| as well. The recent global financial situation which | | | | sort of work or possessing some mental condition |
| originated from the world's second largest | | | | which prevents them from finding a job (i.e. |
| economy (the United States of America) has had | | | | psychosis, mental retardation, and a host of other |
| severe impacts on the economies of other | | | | mental disorders); |
| countries as well. This crisis has resulted in the | | | | (4) the company from which the individual used to |
| liquidation of numerous small to medium scale | | | | work in no longer requires their service or skill set; |
| companies and the termination of a lot of | | | | (5) the place where the individual used to work |
| employees. | | | | has become bankrupt and thus becoming |
| This crisis was so severe where even the big | | | | incapable of providing compensation for its |
| companies and businesses were forced to close | | | | workers; and |
| down some of their branches and lay off some | | | | (6) if the individual chooses not to work or no |
| of their workers. This serious problem has | | | | longer provide their services by their own volition |
| resulted to a large rise in the numbers of people | | | | or if choose to do so (in other words if they |
| who are unemployed. But what does it mean to | | | | choose to resign from their job). |
| be unemployed? Generally speaking, a person who | | | | The condition of the unemployed is different from |
| is unemployed is considered as a person who | | | | that of the underemployed. The definitions of the |
| does not possess a job for the moment. A | | | | differences between the two however differ |
| person who is unemployed is able to do work and | | | | from each unique geographical circumstance. The |
| willing to do so but is not able to. It seems that | | | | underemployed are usually those who do not earn |
| because of the global financial crisis jobs have | | | | enough as compared to the unemployed who |
| become scarce. This lack of jobs results from the | | | | earn nothing at all; when a person is |
| fact that there is an oversupply of workers but | | | | underemployed they receive some middling |
| little demand for them. | | | | amount of wage or salary (but is usually below or |
| Unemployment, like any other condition requires | | | | near minimum wage) as opposed to the |
| its own set of qualifications. The unemployment | | | | unemployed who receive nothing at all and |
| qualifications are dependent on a myriad of | | | | become dependent on the welfare system of the |
| reasons. A person can be considered unemployed, | | | | state. The unemployment qualifications therefore |
| become unemployed and/or remain unemployed if | | | | do not apply the case of the underemployed. |
| (1) the person is not able to find the suitable job | | | | |