Table of contentsTransformation of work in the technological ageTrends and causes of technological unemploymentEconomic circular flow and income generationConclusionReference listA labor market is a place where employees and workers interact with each other. In the job market, employers compete to hire the best and workers compete to find the best-suited job. In a functioning economy, a labor market is all about demand and supply. As technology evolves and develops, the function of the labor market has also changed. However, the demand and supply of labor continues to increase constantly. The impact of technology on employment is a multifaceted topic of this essay that explores both the positive advancements and the potential challenges that technological innovations bring to the job market in the modern era. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayTransformation of work in the technological ageAccording to the development of technology, automation and digital platform, those -these change the fundamental nature of work. Therefore, the work is divided into two different sections, one consisting of high-skilled workers and low-skilled workers. The demand for low-skilled workers, such as cleaners, nurses, primary school teachers, etc. ; which is decreasing rapidly and the trend for this type of jobs will continue to decrease. The reason is that this job requires low skills and is repetitive, and the pay is also low. As technology develops, these jobs can easily be replaced by Robert and the machines. As we can see in daily life, in supermarkets there are automatic machines that allow self-service payments, which makes people's lives easier, no need to wait for cashiers to pass checkout, you can do it yourself. More and more fast food restaurants use an automatic ordering system, for example at McDonald's you can order food on the screen. As a result, the demand for these low-skilled jobs decreases. The demand for highly skilled labor like engineers, designers, scientists, etc. ; are increasing and the demand for these types of jobs will grow in the future. However, the supply of low-skilled workers is massive and linked to education and training. A company trains an individual worker to develop their capabilities in the short term, but education is more about long-term effect. For example, manufacturing industries face high rates of technological change, so workers typically receive on-the-job training to meet the specific demands of innovation. In general, more educated workers receive more training, either because human capital contributes to the production of new human capital or because individuals who learn better invest more in education and training. Training is a good way to develop worker skills and most companies invest and do it. However, as technological change in the long-term strategy, education is an important resource, more and more jobs are replaced, the school should notice that employment cannot be replaced, it is that the job requires independent, critical and creative thinking, making decisions through emotions, not like Robert.follow the instructions and codes. Therefore, a school should focus on both knowledge learning and particle process. Creative people are more likely to adapt to society after graduating from college and find suitable employment. Trends and Causes of Technological Unemployment Additionally, the unemployment rate is increasing due to technology. There are three main types of unemployment: structural, frictional and cyclical. The first two constitute the natural unemployment rate. The third increases when demand decreases, usually during a recession. Technological unemployment as part of structural unemployment, when a worker loses their job due to technological development. In the majority of the sector, unskilled jobs have been eliminated by technological expansion. Technology has several impacts on unemployment. First of all, at the pace of technological development, it is difficult for workers to develop their skills in a short period of time in order to catch up with technological innovation, for this reason, a large number of workers will become unemployed . This is a trend as technology develops. Secondly, machines and Robert are efficient and fast, people are usually emotionally driven and make rational decisions, which sometimes causes errors and mistakes, however, the machine will not do this. This has a huge impact on unskilled workers. Although technology has had an impact on employment, it has also had a positive impact. The important thing is that technological changes do not increase the overall unemployment rate. For example, some workers temporarily lose their jobs; technology doesn't just replace jobs, it creates new skilled jobs for people. Formerly, telephone and fax are now replacing tablets and laptops for workplace communication purposes, making communication easier. Additionally, technology makes businesses more productive, with highly productive businesses providing more jobs and better wages. When we establish a relationship between technology and unemployment. Technology has generated various new job profiles in software, IT, and AI for experts. Economic Circular Flow and Income Generation In circular economic flow, income and expenditure show a connection. Businesses produce goods and services and, in doing so, income is generated for the factors of production, for example the wages and salaries paid to the people who work. This simply means that workers receive income from the business and use that income to purchase goods and services the business demands. Working as consumers, they need income to purchase the necessities of life such as home, food and clothing. For jobs that are both low-skilled and high-paying, governments have set a minimum wage. The national minimum wage rate is currently £7.83 for workers aged over 25. The minimum wage was introduced in April 1999 (at £3.60) and is the legal minimum that employers can pay. The objective of the national minimum wage is to help increase the income of people on low wages. It has become more important in a labor market characterized by the decline of unions and the growth of low-paid service sector jobs. The minimum wage also encourages people to enter the labor market and accept employment. The downside of the minimum wage is an effect on increasing unemployment. Milton/