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Answers:

a) GDP is an accurate indication of an economy's size, while GDP per capita has a close
correlation with the trend in living standards over time, and the GDP growth rate is
probably the single best indicator of economic growth. The four components of gross
domestic product are personal/private consumption, business investment, government
spending, and net export ( export- import).

As UK’ s economy recession for 2 decades on 2008 and 2009 implifies that the reason
behind that chronologies is because of the low desire of private consumptions and
government spending which both of them are part to measure real GDP in a country.
But as time goes by, in 2010, the UK Real GDP growth rate increase from -4% to 1.9%.
Follows by in 2011, the UK Real GDP Growth Rate is 1%. But Still, the decrease is
affected by consumption, Investment, Government spending and net export.

The relative importance of private consumption and net exports is literally related to
the UK’s economic recovery in 2011. Private consumption measures consumer
spending on goods and services. Private consumption includes all purchases made by
consumers, such as food, housing (rents), energy, clothing, health, leisure, education,
communication, transport as well as hotels and restaurant services. Since private
consumption accounts for the largest part of GDP, it is the key engine that drives
economic growth. Otherwise, a breakdown of GDP showed that weak private
consumption shaved 0.5 points off growth and lower government consumption a further
0.3 points - it has been the domestic side of the economy that has been holding the UK
back, not the net exports.

In the other hand, Net exports are the value of a country's total exports minus the value
of its total imports. Depending on whether a country imports more goods or exports
more goods, net exports can be a positive or negative value. Net exports is an important
variable used in the calculation of a country's GDP. When the value of goods exported
is higher than the value of goods imported, the country is said to have a positive balance
of trade for the period. When taken as a whole, this in turn can be an indicator of a
country's savings rate, future exchange rates, and to some degree its self-sufficiency.
In the diagram above, we can say that the amount of exports to another countries out of
EU done by UK is increasing over years in the amount of 2% to a record high as UK
firms started to penetrate some of the world's faster-growing markets. Even though, the
export amount is lesser than the amount to be export in EU, so many parties assume
that this factor affects in UK economic growth in 2011. Literally, net exports really
affects the Real GDP, but this aspects is not as much brings impacts due to the recovery
as the impacts done by private consumption. However, consumption is the biggest
factors that counterfait the economic growth of a country, and o do GDP. The more the
consumption, the more it affects the economic. Next, Net exports is just as additional
supplimentary aspects to help and support economic growth in the country. However,
net exports is not the main caused, but consumption is.

This picture shown how the four components of


GDP affect in the economic growth of GDP in
U.S. As this picture just reference to support
my analysis, but not the actual data necessarily
to implify the current data in the analysis.

b) Nowadays, Young adults and teenagers are engaged in work on a much smaller scale
than older workers. Young people are engaged less in work because they are still in
school, or they are involved in leisure activities. Some, on the other hand, would like to
work, but find it difficult obtaining employment. The transition from school to
employment is a process that involves searching and changing jobs before deciding on
a more or less permanent employment. Today, more than ever, youths have a lower rate
of employment, hence there has been much concern about the youth labor market. With
youth unemployment still at high levels, many of today’s young people are getting off
to a slow start in the job market, a situation that may well translate into lower lifetime
earnings. Additionally, Young unemployment translates to slower long term growth
and less aggregate demand as a weaker.
The new study, which follows-up on previous research on young people not in
employment, education or training, firmly establishes that a lack of education and work
experience are the two main driving factors in increasing the likelihood of a young
person becoming long-term unemployed. The report also highlights that long-term
unemployment dramatically affects several dimensions of young people’s well-being;
in particular, it decreases overall life satisfaction and increases the risk of social
exclusion, while also decreasing optimism about the future.
When there are no optimism in ecomomic, young unemployment are willing to paid
lower than standard minimum wage, that affects their ability to earn the same expected
wage as the average person for a given job. After a period of unemployment, the
temptation to take any work can be strong. To the next ten years, they are all would be
concluded as the potential unemployment and later life in terms of subsequent lower
pay, higher unemployment and reduced life chance. Furthermore, this can not only
result in lower future occupational status, but also downward job mobility that will
ultimately result in having lower quality jobs. By looking at these predictions, a good
number of the young adults are likely to be inclined in to getting wealthy. With high
levels of unemployment, some will be willing to do anything in order to benefit
economically. In the end, the development of the country counter its interface, where
there are lot of them where unskilled and unappropriate of available job in order in the
increasing the living cost and development of economic growth in a country. Also, a
recession to economy will happen, and GDP in the country are getting less than they
are should be.

c) The number of young unemployment is increasing over years. This phenomena is


affected by some factors that brings harms not only for them, but also the government.
Government need to make policies in other to support this people furthermore in the
future. Which is we can conclude that it is cost for the country. Unemployment
contributes to growing instability, looking ahead, it appears likely that every one of
these trends - unemployment, instability, millions of people on the move - could worsen
in the near future.
Yet half of the 1.6 billion young people in school in 2030 will emerge without basic
secondary level skills. This mismatch between skills acquired and skills required will
have a spatial dynamic with only one in ten children in low-income countries achieving
the education level associated with ten years of quality schooling.
Behind these numbers is a mix of problems ranging from no access to school to poor
learning outcomes.

Today in the UK, there are thousands of brilliant youth engagement activities and
initiatives happening across the UK. 1 in 4 employers are very engaged with youth
activities from talking in schools through to taking on apprentices and employing
graduates.
But there is more that can be done; we believe the solutions to youth unemployment
are:
• Increase employer support
• Reduce employment legislation that creates a barrier for employers to work with
young people
• Help employers to recognise the value of skills and behaviours as well as academic
criteria
• Ensure education prioritises employability skills and careers learning for young
people as well as quality academia
• Improve the quality and relevance of vocational routes and qualifications
• Ensure Careers Education is aligned with the needs of the economy, local labour
market information and is motivating and inspirational
• Help young people to value work of all entry levels (raising aspirations is important
but there are many jobs that then get overlooked)
• Create a welfare system that supports young people to find employment or training
opportunities
• Improve the coordination of all of the youth engagement activities so that
information can be shared, and so that young people will benefit from
collaboration/improved signposting
With the ever growing global population, there is a need for appropriate initiatives to
be taken to help the young adults find ways of starting their own projects/ventures that
can help enhance their lives given that a majority of these young adults are educated.
For this reason, they should get sufficient training and education on the need to come
together as teams to start their own businesses, and get to employ others in the process.
In Addition, there are also another option, it is vocational education, which can help
them to be more focus to achieve their ideal job, This will go a long way in improving
the lives of the young adults globally, creating more opportunities and doing away with
poor health decisions associated with unemployment among the youth.