Question
State the economic effects of unemployment.
✓
Answer
Economic effects of unemployment:
- Waste of human resources: Human resources are wasted due to unemployment in the country. These resources could have been used in the production activity of the economy.
- Difficult to implement welfare schemes: Due to corruption and malpractices, it is difficult to implement various welfare schemes introduced by the government from time to time.
- Poverty and Income inequality: Lack of employment leads to poverty and income inequality in the economy.
- Growth of informal sector: Due to unemployment, poverty increases in the economy which will attract the growth of informal sectors like smuggling, drug peddling, black marketing, etc.
- High dependency ratio: When unemployment increases in an economy, it will lead to an increase in dependency ratio.
- The unemployed group will become the burden on the employed group.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Observe the following charts and answer the questions given below:
QU 1. Workers were sitting idle in a factory due to power failure for 3 hours.
QU 2. Ram had no work, due to the end of the Kharif crop season.
QU 3. Due to the introduction of taxis and auto-rickshaws, Bhimaji’s horse-cart was not demanded by travellers.
QU 1. Workers were sitting idle in a factory due to power failure for 3 hours.
QU 2. Ram had no work, due to the end of the Kharif crop season.
QU 3. Due to the introduction of taxis and auto-rickshaws, Bhimaji’s horse-cart was not demanded by travellers.
Calculate Q3, D5, and P35 for the given data.
Explain the concepts of poverty.
Explain the concepts of unemployment.
Explain in detail the measures taken by the government for the agricultural development of Maharashtra.
Explain the role of Co-operative movement in Maharashtra.
Explain the characteristics of human wants.
What are the advantages of cashless payments or plastic money?
Explain various factors of production.
Explain the features of wealth