Definition of Full employment:
True full employment is an ideal—and probably unachievable—situation in which anyone who is willing and able to work can find a job, and unemployment is zero. It is a theoretical goal for economic policymakers to aim for rather than an actually observed state of the economy. In practical terms, economists can define various levels of full employment that are associated with low but non-zero rates of unemployment.
State of economy in which all eligible people who want to work can find employment at prevailing wage rates. However, it does not imply 100 percent employment because allowances must be made for frictional unemployment and seasonal factors.
The condition in which virtually all who are able and willing to work are employed.
Full employment is an economic situation in which all available labor resources are being used in the most efficient way possible. Full employment embodies the highest amount of skilled and unskilled labor that can be employed within an economy at any given time.
How to use Full employment in a sentence?
- Full employment embodies the highest amount of skilled and unskilled labor that can be employed within an economy at any given time.
- Economists define various types of full employment based on their theories as targets for economic policy.
- The gentleman was fortunate to be living in a community where full employment was standard so everyone was prospering there.
- A target of full employment.
- Most college graduates are seeking full employment upon their graduation, but many will have to take entry level job opportunities to gain valuable experience within their chosen career field.
- Full employment is when all available labor resources are being used in the most efficient way possible.
- I was granted the full employment benefits of the company and would receive way more days off than I even wanted.
Meaning of Full employment & Full employment Definition