Explain what economists mean by full employment and why this rate of unemployment is not zero....

Explain what economists mean by full employment and why this rate of unemployment is not zero.

50 words minimum

Expert Solution

Full employment is a situation in which everyone is willing to work at existing wage rate.

When people are willing to change their work or are in between the job and are looking for the part time job but not able to find the job at existing wage that,they will not considered in a full employment situation, they might be considered structural or frictional unemployment. Thatwhy unemployment rate is not zero. Unemployment and underemployment will always have in economy.

Rahul Sunny answered 2 years ago

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