Question

What are the effects of Unemployment? Give five points ​

Answer 1

Answer:

The effects of unemployment are :-

(i) Unemployment leads to wastage of manpower resource. People who are an asset for the economy turn into a liability. There is a feeling of hopelessness and despair among the youth. People do not have enough money to support their family. Inability of educated people who are willing to work to find gainful employment implies a great social waste.

(ii) Unemployment tends to increase economic overload. The dependence of unemployed on the working population increase. The quality of life of an individual as well as of society is adversely affected.

(iii) Unemployment has detrimetnal impact on the overall growth of an economy. Increase in unemployment is and indicator of a depressed economy. It also wastes the resource, which could have been gainfully employed. If people cannot be used as a resource they naturally appear as a liability to the economy.

(iv) The unemployed youth may turn to anti-social activities like cheating, thefts, murders, terrorism etc.

(v) The quality of life of an individual as well as of society gets adversely affected which eventually leads to decline in health status and rising withdrawal from the school system.

Explanation:

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Answer 2

Answer:

1.Personal costs to unemployed (lost income, loss of sense of value, lower on-the-job training)

2.Costs to the government (lost tax revenue and higher benefits spending)

3.Costs to society in general (social problems, alienation, lost GDP).

4. Lost human capital. If people are out of work, they miss out on ‘on the job training’ This is a vital component of human capital and labor skills; high rates of unemployment can reduce labor productivity. If someone is out of work for two years, they miss out on the latest working practices and trends. Being unemployed can also affect the confidence of the unemployed and they become less employable in the future.

5. Harm's future prospects. Those who are unemployed will find it more difficult to get work in the future

Explanation: