What is Employment and Unemployment? What is full employment? Do we need unemployment?

Employment is a situation where people are actively engaged in productive work, while unemployment is when people are not able to find work.

Full employment is a situation where nearly everyone who is willing and able to work is employed.

Unemployment is necessary because it allows people to have time to search for a job that better suits their abilities and qualifications.

It also helps to keep wages at a reasonable level by preventing employers from having an excess of applicants to choose from.

As a result, the amount of available labour is kept in balance with the demand for labour in the economy.

Examples of employment and unemployment include: a factory worker who has lost their job, a student who is looking for work, a stay-at-home parent who is looking for a job, or a retiree who is no longer working.

In general, employment and unemployment are important indicators of a nation's economic health and can help to inform policy makers on how to best manage the economy.

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