Study notes for Economics topic Unemployment and Poverty
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Unemployment and Poverty FAQs
Define employment and unemployment?
Employment is the number of people having a job.
Unemployment is the number of people who don’t have a job but are looking for one.
What do you understand by Labour force?
Labour force is the sum of employed(n) and unemployed (u). L = n + u
Unemployment rate = unemployment/labour force
How many types of unemployment are there?
There are mainly 10 types of employment.
What do you mean by poverty?
Poverty is the state of not having enough material possessions or income for a person’s basic needs. The word poverty comes from the old (Norman) French word poverté (Modern French: pauvreté), from Latin paupertâs from pauper (poor). According to the World Bank, “Poverty is a pronounced deprivation in well-being and comprises many dimensions.
On what basis poverty can be classified?
On the basis of social, economic, and political aspects, there are different ways to identify the type of Poverty.
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