Question

Instructions: Choose one of the following prompts and provide an answer that includes any necessary graphs. Be sure to label everything and use the four steps

Instructions for narrative: Think of these as mini-essays – you must explain the graphs using sentences and paragraphs. Pretend you are telling this to an elderly neighbor or a fifth graded, you know. You should minimize your use of jargon and technical language.

Instructions for graphs: Draw the graphs by hand.

Prompt 1: Baby boomers – Americans born between 1946 and 1964 are expected to leave the workforce despite improvements in healthcare and increased life expectancy. There are several reasons why Baby boomers today retire earlier than workers from years past – higher disposable incomes, lack of career advancement opportunities, and the offering of early retirement plans by corporations. What effect will the retirement of the baby boomers have on the labor force and unemployment rate? Can the size of the labor force increase despite the retirement of older workers?

Prompt 2: (Growth Policy) One popular explanation for the persistent poverty of developing nations is a lack of natural resources. However, places like Hong Kong and Japan, with meager supplies of natural resources, experienced more rapid economic growth in recent decades than nations with abundant supplies of resources. Do a little research to see if you can figure out what causes the difference. What might explain the reason for the growth in countries that lack abundant natural resources? What policies might the government focus on to promote growth?

Answer 1

As the baby boomers retire, Generation X and Generation Y people would get a chance to enter into the workforce. Baby boomers are mostly old generation people and cannot add much value to the company in the form of productivity. On the other hand, Generation X and Generation Y being young and energetic contribute towards higher productivity of the firm. Retirement of baby boomers will reduce the unemployment rate as the retirement of baby boomers will give a way for Generation X and Generation Y people new job opportunities.

In this way, the labor force will also have new , young people with lots of innovative ideas and full of energy. In this way, by the entry of Generation X and Generation Y, the size of the labor force increases despite the retirement of Baby Boomers.