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Unemployment generally refers to a state/situation where factors of production (resources) are
readily available and capable of being utilized at the ruling market returns/rewards but they are either
underemployed or completely unengaged.
When referring to labor, unemployment is considered to be a situation where there are people ready,
willing and able to work at the going market wage rate but they cannot get jobs. This definition
focuses only on those who are involuntarily not employed.
Wilfykil answered the question on February 6, 2019 at 11:45
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Date posted: February 6, 2019. Answers (1)