Full employment is not good for the economy as it may result in an inflationary period where workers have more disposable income and as a result would drive prices upwards. This would take a while to happen though. Also, a lot of central banks base their policies around controlling inflation (The ECB). I guess an increase in price levels of around 2-3% is acceptable these days. However in today's current economic climate, governments especially in the U.S and Europe would do anything for full employment!
It is a terrible thing in capitalism. It results in wages going up, and the business cycle having to deal with stagnating growth rates with downsizing, not to mention a rise in inflation. The only actual economic system where full employment is utilized is Marxism. I know, its horrible. Under Communism, everyone has a job. OH NO!
Full employment can be a problem for certain people, for example, students, or single parents. Working forty or more hours a week can be difficult when someone has other responsibilities, such as getting an education, or raising children alone.
Full employment in a society contributes to a thriving economy. When there is under-employment in a society, the economy begins to lag because the population will not be spending much.
The economy is efficient only when it has achieved full employment and full production
both full employment and full production
the economy is operating at full employment. Note: full employment is not the same as zero unemployment.
Full employment is a sate in which all those who are able,willing and seeking to work at the previling wage rate can find employment.
Full employment in a society contributes to a thriving economy. When there is under-employment in a society, the economy begins to lag because the population will not be spending much.
The economy is efficient only when it has achieved full employment and full production
both full employment and full production
no
the economy is operating at full employment. Note: full employment is not the same as zero unemployment.
Full employment is a sate in which all those who are able,willing and seeking to work at the previling wage rate can find employment.
Full employment doesn't mean that there is zero unemployment. Full employment only means that the economy is operating at full employment because there is only structural unemployment, frictional unemployment, and seasonal unemployment. Remaining unemployment is cyclical. Even when an economy is working properly, it will experience frictional, seasonal, and structural unemployment. (gp)
No country has ever had full employment. If any country did then it would depend on the economy, both internally and internationally.
Because fullemployment doesn't really mean "FULL" employment, It basically means those really looking for a job are employed. At full employment there is roughly 4-6% of unemployment.
Full employment doesn't mean that there is zero unemployment. Full employment only means that the economy is operating at full employment because there is only structural unemployment, frictional unemployment, and seasonal unemployment. Remaining unemployment is cyclical. Even when an economy is working properly, it will experience frictional, seasonal, and structural unemployment. (gp)
A recessionary gap is where an economy is operating below its full employment equilibrium.
Achieve full employment and fix the economy.