Question on: JSS3 Civic education - National Economic Life – Self Employment II
Evaluate the economic consequences of unemployment, considering its impact on individual well-being, government finances, and societal cohesion.
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Unemployment imposes significant economic costs, including reduced consumer spending, lower tax revenues, increased government spending on social welfare programs, and lost productivity. Moreover, unemployment leads to financial hardship for individuals, social isolation, and psychological distress, undermining societal cohesion and well-being.
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