Explain the term ‘unemployment’. -SST 10th

Explain the term ‘unemployment’. -SST 10th
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Answer :

(i) Unemployment: When a person is willing to work at the prevailing wage rate but fails to get a job, it is called unemployment.  (ii) Disguised unemployment: When more people are working than required, it is called disguised unemployment. Even if we remove a few people from the job, the process of production will not be affected.
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