INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The number of people who voluntarily choose not to work.
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The number of people who are jobless and are actively seeking work.
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The number of people who are not actively seeking work.
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The number of people actively seeking work who find work.
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Detailed explanation-1: -A situation in which the skills of the employed people are not fully utilised for the production of goods and services is known as unemployment.
Detailed explanation-2: -The official unemployment definition comes from the U.S. Bureau of Labor Statistics, which states that “people are classified as unemployed if they do not have a job, have actively looked for work in the prior four weeks, and are currently available for work."12.
Detailed explanation-3: -The unemployment rate represents the number of unemployed people as a percentage of the labor force (the labor force is the sum of the employed and unemployed). The unemployment rate is calculated as: (Unemployed ÷ Labor Force) x 100.
Detailed explanation-4: -structural unemployment. natural unemployment. frictional unemployment. cyclical unemployment.