What is unemployment? How does it affect on overall growth of an economy.
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The term unemployment refers to a situation when a person who is actively searching for employment is unable to find work. Unemployment is considered to be a key measure of the health of the economy.
Unemployment affects the overall growth of an economy as
(i) it is a wastage of manpower resource.
(ii) it increases the economic overload.
(iii) it tends to increase the number of dependent population.
(iv) increase in unemployment is an indicator of a depressed economy.
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