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Q.

A situation in which skilled and able people do not get any gainful work at a decent wage is called ____.


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Detailed Solution

Unemployment is a situation in which skilled and able people do not get any gainful work at a decent wage. Both urban and rural regions see the greatest prevalence. Educated yet illiterate people can experience this. People who are unable to find work are said to be unemployed. In contrast to wealthy countries, this situation was more common in emerging nations. The drawback of unemployment is that it causes resource and labour waste and exacerbates economic overburden. It hinders the economy's overall growth. The economy may suffer as a result of this.
 
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