EFFECTS OF UNEMPLOYMENT IN INDIA 1) Wastage of man power resource. 2) People who are an asset for the economy turn into a liability. 3) There is a feeling of hopelessness and despair among the youth. 4) People do not have enough money to support their family and decline in the health condition.
What are the social consequences of unemployment?
– Unemployment leads to the vicious circle in society by causing problems like illiteracy; poverty; etc. Thus social consequences of unemployment is that it is a social menace as it denies social justice and enhances social unrest by increasing the disparity between have and haven’t.
What are some of the economic consequences of unemployment?
Syllabus: Discuss possible economic consequences of unemployment, including: 1 a loss of GDP, 2 loss of tax revenue, 3 increased cost of unemployment benefits, 4 loss of income for individuals, and 5 greater disparities in the distribution of income.
What are the social costs of high unemployment?
Persistently high unemployment create huge costs for individuals and for the economy as a whole. Some of these costs are difficult to value and measure, especially the longer-term social costs. 1.Loss of income: Unemployment normally results in a loss of income.
What are the effects of long term unemployment in the UK?
Regions that suffer from persistently high long-term unemployment see falling real incomes and a widening of inequality of income and wealth. The recent figures on poverty in the UK are testimony to the social damage that high unemployment can have.
How does unemployment affect you and your family?
It affects not just the unemployed person but also family members and the wider community. The impact of unemployment can be long-lasting. As unemployment becomes more long-term, its impact becomes more far reaching, often affecting living standards in retirement.
