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Phillips curve is an economic theory which explains the inverse link between an economy’s unemployment rate and inflation rate A person is considered unemployed if he is not able to find. Phillips made the initial suggestion in the 1950s
The fundamental tenet of the phillips curve is that when unemployment declines, labour becomes more in demand, forcing firms to compete for workers by raising wages If a person works for more than 1 hour but less than 4 hours, then he is considered employed for the half day As wages rise, production costs rise as well.
Unemployment unemployment is a condition when a person who is actively searching for employment is unable to find work
Unemployment is often considered barometer of the health of the economy Nso defines employment and unemployment on the following activity statuses of an individual Working (engaged in an economic activity) i.e., 'employed'. Unemployment is a situation in which a person is willing and capable of working at the existing wage rate but does not get a job to work.
Stagflation is a situation in which the inflation rate is high, the economic growth rate slows and unemployment remains steadily high. The india employment report 2024 by the institute for human development (ihd) and the international labour organisation (ilo) highlights an improved employment scenario in india. The periodic labour force survey (plfs) was recently released by the labour bureau for the period of july 2023 to june 2024 It provides insights into unemployment and workforce participation.
Disguised unemployment aka hidden unemployment refers to a situation where labour that is employed but he/she is not utilised for the production of goods and services
It does not contribute to the output of an economy as their marginal product is zero (contribution to production is nil). This initiative seeks to bridge the gap between academic education and the professional skills demanded by industries The scheme, involving both private sector participation and government funding, aims to provide youth with. The term “employment” refers to the activity of engaging in paid work, or labour performed for payment
It entails a written contract between the employer and the employee, whereby the employee commits to serving the employer in exchange for payment. Current daily status takes into account the activity of a person on a daily basis within a reference period of one week If a person works for 4 hours or more during a day, then he is considered employed for the whole day
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