Answer to Question #80679 in Macroeconomics for gerald

Question

Discuss the economic and social costs of unemployment in your country

Answer 1

Unemployment has some economic costs for both individual persons and the society as a whole. For the individuals, the economic cost amounts to the lost income. On the other hand, for the society, the economic costs encompasses a sharp decline in goods and services. The social costs of unemployment involve drug abuse, alcoholism and effect on family. Both the economic and social costs of unemployment have adverse negative effects.