Question

3. What do you understand by the term 'full employment? Does it mean the absence of all kinds
of unemployment?​

Answer 1

Answer:

Full employment refers to a situation in which every able bodied person who is willing to work at the prevailing rate of wages is, infact, employed. ... That is why full employment is also defined as a situation where there is no involuntary unemployment

Answer 2

In Economics,full employment generally implies that everyone who intends and are able to work can have work for hours that they want for a fair wage.It indicates that the economy is operating at an efficient level in terms of employment level.

Explanation:

Full employment doesn't necessarily mean absence of all kinds of unemployment.Even under full employment,people change jobs periodically which contributes to a persistent level of unemployment in the economy.There still might be some level of underemployment in which some part time workers are still not able to get work according to their appropriate skill level.Thus,full employment refers to a situation in which the employable section of population in the economy is working with a fair compensation or wage level and there is no cyclical unemployment or unemployment related to labor market deficiencies.However,some part time workers are still unemployed.