Describe the following term: "Unemployment".  Is it: Inflation Price Level National Income none of these One component of National Income

Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
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Describe the following term: "Unemployment".  Is it:

Inflation
Price Level
National Income
none of these
One component of National Income
Expert Solution
Step 1

Unemployment is defined as when an individual who is willing to work but he is unable to find any work.

According to Pigou, a man is unemployed only when he is without a job or not employed and also desires to be employed.

 

 We need to first understand several types of unemployment.

  1. Cyclical Unemployment 
  2. Frictional Unemployment 
  3. Structural Unemployment

 

 

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