Unemployment is a major problem facing the country which rapidly blocks the path of progress. The number of unemployed young men and women here is increasing day by day. Even after fifty years of independence, we are miles away from our goal of giving employment to all.The definition of unemployment is different in every country, like in America, if a person does not get a job according to his qualification then he is considered unemployed. Generally, the unemployed person is called who wants to work at the prevailing wage rate in the market but cannot find work.
Who is called unemployed?Unemployed is called a person who wants to work at the prevailing wage rate in the market but he is not getting work. The definition of unemployment varies from country to country. For example, in America, if a person does not get a job according to his qualification, then he is considered unemployed. If you like this article then please like us on Facebook so that you can get our updates in future ……….and subscribe to our mailing list ” freely “
Meaning of UnemploymentUnemployment is a situation where one can not find a work to do even though he is willing to work..Unemployment means that scarce human resources are not being used to produce goods and services to cope up with the needs of public. Unemployment is an indication for the financial health of an economy.
Types of Unemployment
1.Voluntary unemploymentUnemployment which occurs due to the conditions where people don't want to work even though they can get the jobs........Here "willingness of people to work " . This is due to people are willingly leaving previous jobs and now looking for new ones.
The major reason that behind this condition is it takes workers some time to move from one job to another. In most of the industries it's a very common phenomenon. Example : In above example if Mr X is not selected by any company and as soon as he completes his final year he went to Bangalore in search of a job and got a good job after 1 year .This period of transmission also can be called frictional unemployment.