Explain the major characteristics of unemployment prevailing in primary sector
Answers
Answer:
Explanation:
1. Lost Output:
ADVERTISEMENTS:
This is the largest single cost of unemployment. Society loses because the economy is not operating at full employment level.
2. Distributional Impact:
Unemployment widens the inequality of income and wealth. The total loss caused due to unemployment could be distributed among different people in different ways.
3. Loss to the Society:
One possible benefit of unemployment is that by not working; people will have more leisure. But, it is an unwanted leisure. This is because when a person is employed he pays taxes on his wages, but when he is unemployed he pays no taxes. As a result, tax revenue decreases. This is a loss to the society.
Explanation:
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