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Friday, January 6, 2012

Definition of unemployment

what is unemployment?

  1. the state of being unemployed; lack of employment
  2. the number or percentage of persons in the normal labor force who are out of work
what does unemployment mean to you?.....

Cyclical or Keynesian unemployment, also known as deficient-demand unemployment, occurs when there is not enough aggregate demand in the economy to provide jobs for everyone who wants to work. Demand for most goods and services falls, less production is needed and consequently fewer workers are needed, wages are sticky and do not fall to meet the equilibrium level, and mass unemployment results.

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