Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Describe the following term: "Unemployment ". Is it:
Inflation
none of these
One component of National Income
Expert Solution
Step 1
Unemployment is defined as when an individual who is willing to work but he is unable to find any work.
According to Pigou, a man is unemployed only when he is without a job or not employed and also desires to be employed.
We need to first understand several types of unemployment.
- Cyclical Unemployment
- Frictional Unemployment
- Structural Unemployment
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