Full Employment
Definition
Full Employment is a condition in which all willing and able individuals who are actively seeking employment can find jobs, resulting in minimal unemployment rates.
Analogy
Picture a busy restaurant with every table occupied by customers enjoying their meals. Similarly, full employment means that every job seeker finds a seat at the employment table.
Related terms
Unemployment Rate: The percentage of people in the labor force who are without jobs and actively seeking employment.
Labor Force Participation Rate: Measures the proportion of working-age population either employed or actively looking for work.
Underemployment: A situation where individuals are employed but not fully utilizing their skills or working fewer hours than desired.
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