Content writer | Posted on
Unemployment occurs when people who can work,wants to work are unable to find a suitable job.Those people who are working to fulfill their basic needs but do not have an appropriate job can also be included in the group of unemployment.It can effect not only individuals, but also the overall economy of a country.As the economy slows down, businesses and corporate are forced to cut costs by reducing the number of employees.Technology such as computers or robots, cause unemployment by replacing humans with machines. Long-term unemployment can lead to financial instability or poverty. When people are unemployed, they have less money to spend which in turn affect the economy.Lower consumer spending because of unemployment reduces businessrevenue, which forces companies to cut down employees to reduce their costs. This can become a circle of economic downfall.
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student | Posted on
- Recession people in the economy.
- New inventions and technologies which need proper training to understand and for application.
- Increased no of completion from multinational companies.
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