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Describe the condition, 'Full Employment and why is it a major target for governments?'
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Joey Chan (BA IBA) 252RFRFNO03 Describe the condition, 'Full Employment and why is it a major target for governments?' " Full employment" will always be the main goal of the globalization of the world economy. All countries are desperate for moving towards to "full employment". There is no unique definition of "Full employment". However, the majority of economists agree that unemployment cannot fall to zero since there are always be some frictional unemployment caused by people moving into the labor market, searching for work, and others switching between jobs and experiencing short periods of time out of work. The definition of frictional unemployment is the short-term unemployment associated with the process of matching workers with jobs. Full employment might also be defined as a situation where the labor market has reached the state of equilibrium, when those in active labor force who are willing and able to work at going wage rates...
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