Unemployment in India Flashcards
What are the two types of unemployment?
Voluntary - idle rich and poor. Out of choice and not compulsion.
Involuntary
What is unemployment?
Is a situation where able bodied people who have the ability to work and are willing to work for the prevailing wage rate but aren’t able to find work which may yield them with irregular income.
What is cyclical unemployment?
Employment that is associated with the depression and downsizing phases of the business cycle. Cause by deficiency in aggregate demand.
What is frictional unemployment?
Unemployment that exists because of the lack of adjustment between demand for and supply of labor force. Happened because of change in demand an economic progress. Can be solved by improving organization of employment.
What is structural unemployment?
When a large number of people do not get work because of limited jobs available. Arises from shortage of capital equipment’s
What is open unemployment?
A situation when there are some workers but they have no work to do. The number of unemployed people can be counted.
What is disguised unemployment?
When the workers engaged in job is more than the workers required for the given work. Most common in agriculture.
What are the cause of disguised unemployment?
Availability of large labor force, non availability of alternate jobs in the urban sectors, agriculture being a family business, small size of holdings
