Explain the meaning of the term unemployment
Answers
Answer: unemployment occurs when a person who is actively searching for employment is unable to find work. unemployment is often used as a measure of the health of the
Explanation:
In Economics and in general terms,the term unemployment refers to a macroeconomic imperfection or predicament in which any individual actively seeking employment is not to able to avail any.
Explanation:
Unemployment occurs when any individual who is actively looking for job opportunities is not able to obtain any due to adjoining practical factors or constraints.In Macroeconomics,unemployment is often expressed in terms of unemployment rate which is calculated by dividing the actual number of people unemployed in the economy by the total number of people or the overall population in the economy.Unemployment rate is an important macroeconomic indicator which is used for economic decision or policy making at the administrative level.A high level of unemployment or unemployment rate often indirectly implies lower output of GDP growth characterized by lower capital investment and production level of goods and services by local firms and businesses and declining consumer demand.Therefore,the main focus is always to generate adequate employment opportunities and ensure efficient or equilibrium level of employment in any economy.