ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Full employment is when all available labor resources are being used in the most efficient way possible without triggering inflation. It is a theoretical state in which anyone who wants to find full-time work can do so and unemployment is at 0%.

Detailed explanation-2: -Full employment is the situation where all people who are available and searching for work can find a job at the prevailing remuneration rates and conditions. It does not mean zero unemployment-there are always some who may be temporarily unemployed, as they move from one job to the other or for other reasons.

Detailed explanation-3: -1. Full employment means all available resources should be employed. 2. Full production means that employed resources are providing maximum satisfaction of our economic wants.

Detailed explanation-4: -Full Employment GDP, also known as potential output, is an economic term used to describe a healthy economy where aggregate demand is in equilibrium with both short run and long run aggregate supply.

Detailed explanation-5: -Generally speaking, the more the economy produces, the more people will be needed to produce the goods and services. However, there will be a maximum level of output where everyone available is employed and no more output can be produced. This level of output is called the full employment level of national income.