Unemployment is a significant economic indicator since it shows workers' ability (or inability) to find gainful employme

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Unemployment Is A Significant Economic Indicator Since It Shows Workers Ability Or Inability To Find Gainful Employme 1 (98.42 KiB) Viewed 55 times

Unemployment is a significant economic indicator since it shows workers' ability (or inability) to find gainful employment and contribute to the economy's productive output. Unemployment is caused by a variety of factors on both the demand (or employer) and supply (or worker) sides. High-interest rates, global recession, and financial crisis may all contribute to the reduction in employment from the demand side, while frictional unemployment and structural employment are important on the supply side. Of the several types of unemployment, the major one currently affecting Nigeria's economy is cyclical unemployment. 1. from the article above, explain and differentiate between the three types of unemployment, give example of each type. (3 Marks) 2. show why even when the economy is at full employment, there must be a positive rate of unemployment. Explain your answer (1 Mark)