How does unemployment rate affect standard of living?

Answer 1

As unemployment is defined in economics, one who is willing and able to work but cannot find a placement within the work force they find there skills become out dated and they further find it difficult to enter the labour market. This leads, if they do not retrain effectively, to them being unwanted by the labour market. Due to this, the long term unemployed tend to have unhealthier life styles. Firstly due to the lack of mobility and excess of leisure time. Secondly ,due to the reduce income of living off welfare benefits, they will only be able to purchase cheaper food stuffs and hence consume greater amounts of fats and salts. This will inevitably lead to health problems in the long term and a reduced life expectancy. For those who choose to be unemployed, the voluntary unemployed tend to be the wealthy and they will continue to live with a high standard of living.

In conclusion for the ordinary person who is unemployed, through inability to find work, unemployment will have a negative effect on their life.

Answer 2

Unemployment i.e. lack of enough job opportunities is definitely unhealthy for the economy. It skews the income distribution of the economy concentrating wealth to the rich few who in turn become so powerful that they tend to influence policies for their own benefit making the scenario even worse, pushing more people into the lower strata or bottom of the pyramid.

Answer 3

by giving them food