Qts 1What is meant by Absolute Poverty
When the level of the income of people of a country is so low that they cannot meet even their basic minimum requirements, it is called absolute poverty.
Qts 2 What is Relative Poverty
While comparing the incomes of different people, we find that some people are poorer than others, it is called relative poverty.
3 What is Cyclical Unemployment:
It is also known as demand deficiency unemploymem, It refers to a situation where people are thrown out from job due to a recession or depression in an economy.
Qts 4 What is Structural Unemployment:
It is the unemployment caused by structural changes in the economy, such as technological change, rapidly growing population, etc.
Qts 5 what is Frictional Unemployment:
It is the situation when people change from one job to another and remain unemployed during that interval.
Qts 6 Disguised Unemployment:
It occurs when a person is engaged in a work but his contribution of his marginal productivity is zero.
Removing that person from work will not affect total production.
This is mainly found in agriculture sector of developing economies.
Qts 7 What is Educated Unemployment:
Those educated/trained and skilled fails to obtain a suitable job come under this category.
This is mainly found in urban areas.
Qts 8 What is Open Unemployment:
It refers to those who have no work to do even though
they are able and willing to do work.
Unskilled labour unemployment is included in this category.
Qts 9 What is Under Employment
It refers to the underutilization of manpower available both in terms of time and skill for instance a post graduate of engineering working as a clerk or an office assistant in an office.
Qts 10 What is Voluntary Unemployment:
It occurs when jobs are available but the persons are not interested in being employed due to wage rate, economy position, laziness
11 What is Seasonal Unemployment :
It occurs when demand for labour changes with seasons and workers get employment only in the peak season like harvesting and sowing seasons in agriculture.
Qts 12 What is Technical Unemployment
It caused due to change in technology, when workers either being replaced by machines or having their jobs made easier and require fewer workers to accomplish the same task.