Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Unemployment refers to a situation where the individual is willing to work but is unable to find a job.
An economy is said to be in full employment when each and every individual is able to find a job and all the available labor resources are used to the optimum.
however this is possible theoretically, but in practicality there exist some level of unemployment due to structural changes, technological changes etc.
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