Determination of Income and Employment

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• Summary

Full Employment: Full employment is a situation when all those who are able and willing to work at prevailing wage rate, get the opportunity to work.
Voluntary Unemployment: Voluntary unemployment is a situation where a person is able to work but not willing to work at prevailing wage rate.
Involuntary Unemployment: Involuntary unemployment is a situation where a worker is able and willing to work at prevailing wage rate but does not get work.