Question

what is the difference between employment and unemployment​

Answer 1

Answer:

Anyone of the age of 16 who is not in the military or institutionalized (eg prison, mental hospital) will fall into one of three categories

Employed - at some point during the week in question they worked.

Unemployed - at no point during the week in question did they work, but they are actively looking for work

Not in the labor force - at no point during the week in question did they work, nor are they actively looking for work.

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Answer 2

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Employment exists when everyone who desires to work for the current market rates is employed. It is more theoretical than actual. Full employment does not mean that zero unemployment exists because some people are unemployed through their own choosing. Full employment takes frictional unemployment into consideration. Frictional unemployment happens when workers are between jobs. Dean Baker and Jared Bernstein wrote on the website of the Economic Policy Institute that full employment relates to when the number of workers seeking employment matches the number of job positions offered by employers.

.High unemployment can adversely affect a nation because consumers reduce their purchases of goods and services. Most businesses within the United States are required to pay unemployment insurance. When a worker experiences unemployment through no fault of his own, he is entitled to apply for unemployment benefits. Benefits are temporary financial payments made to qualified unemployed workers for a specific time and dollar amount.

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