. Explain the term unemployment

Best Answer

Explanation:

• Unemployment refers to a state, wherein individuals are qualified to work and are even willing to work at the current wage rate, however are not able to secure a job. 
• Unemployment tends to increase economic overload and increased dependency on the working population.
• The unemployment rate refers to the proportion of people who are not employed out of the total workforce.The workforce population includes people from 15 years to 59 years.
• Unemployment can be of seasonal, disguised, cyclical, structural etc in nature.

Final Answer:

Hence, unemployment is a situation wherein a person who has the ability and willingness to work at the prevailing wage rate but does not get work at the current wage rate.