Question

What is Unemployment and How Unemployment becomes a barrier against Economic development?​

Answer 1

Answer:

Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is persons above a specified age (usually 15)[2] not being in paid employment or self-employment but currently available for work during the reference period.

Answer 2

Explanation:

What is Unemployment?

Unemployment, according to the OECD, is persons above a specified age not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force.

How Unemployment becomes a barrier against Economic development?

According to the U.S. Bureau of Labor Statistics (BLS), when workers are unemployed, their families lose wages, and the nation as a whole loses their contribution to the economy in terms of the goods or services that could have been produced.

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