ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He/she does not work
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He/she has made specific efforts to find a job
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He/she is laid off from a job in the succeeding months
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He/she is undergoing a career change
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Detailed explanation-1: -(1) Higher growth rate of population; (2) Slow economic progress; (3) Seasonal employment; (4) Lack of alternative employment opportunities; (5) Spreading of education; (6) Slow industrialisation; (7) Poverty; (8) Modernisation; (9) Faulty planning; (10) Social customs; and (11) Decline of cottage and small industries.
Detailed explanation-2: -The primary factor in determining whom to count as unemployed is that the person be actively seeking employment. “Wanting a job” is not enough to be counted as unemployed. Who is Not in the Labor Force? People are considered not in the labor force if they are not working and are not actively seeking work.
Detailed explanation-3: -When people do not have any work and they are actively searching for the work then they are said as unemployed. During the period of recession, the economy generally faces the high rate of unemployment rate.
Detailed explanation-4: -Seasonal unemployment. Frictional unemployment. Cyclical unemployment. Structural unemployment.