ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The term unemployment refers to a situation where a person actively searches for employment but is unable to find work. Unemployment is considered to be a key measure of the health of the economy. The most frequently used measure of unemployment is the unemployment rate.

Detailed explanation-2: -Unemployment is a regularly used term and normally refers to those who are ‘out of work’. In strictly economic terms, the unemployed include all those who are able and willing to work but cannot find work.

Detailed explanation-3: -Disguised unemployment is unemployment that does not affect aggregate economic output. It occurs when productivity is low and too many workers are filling too few jobs. It can refer to any part of the population that is not employed at full capacity.

Detailed explanation-4: -Seasonal unemployment. Frictional unemployment. Cyclical unemployment. Structural unemployment.