ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A graduating student of legal age to work
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An entrepreneur in the process of starting a new business
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A secretary who has resigned from work & looking at job ads
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A housewife running 2 internet shops at the same time
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Detailed explanation-1: -To be classified as unemployed, a person must be without a job, currently available to work, and actively looking for work in the previous four weeks.
Detailed explanation-2: -unemployment, the condition of one who is capable of working, actively seeking work, but unable to find any work. It is important to note that to be considered unemployed a person must be an active member of the labour force and in search of remunerative work.
Detailed explanation-3: -The unemployment rate measures the share of workers in the labor force who do not currently have a job but are actively looking for work. People who have not looked for work in the past four weeks are not included in this measure.
Detailed explanation-4: -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.