The impact of unemployment on economic growth in nigeria. (1982-2010)

Thesis Overview

<p> </p><div><p><strong>THE IMPACT OF UNEMPLOYMENT ON ECONOMIC GROWTH IN</strong></p><p><strong>NIGERIA</strong></p><p><strong>1.1</strong>&nbsp; &nbsp; &nbsp; <strong>Introduction</strong></p><p>Unemployment is defined as an economic condition marked by the fact that individuals actively seeking jobs remain unhired. Unemployment is expressed as a percentage of the total available work force. It is seen as a macroeconomic and sociological problem which arises as a result of insufficient and non-availability of jobs to correspond with the growing population. Even those who are employed, sometimes live with the fear of retrenchment. The term unemployment could be used in relation to all the factors of production. But in reference to labour, there is unemployment if it is not possible to find jobs for all those who are eligible and able to work. Labour is said to be underemployed, if it is working below capacity or not utilized in production employment can either be ‘voluntary’ or ‘involuntary’.</p><p>Voluntary unemployment is a situation where somebody chooses not to work because they have means of support other than employment e.g. idle rich man. Voluntary unemployment is attributed to the individuals decision; it includes workers who reject low wage jobs.</p></div><h3></h3><br> <br><p></p>