What is the full economic definition of unemployment

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Assignment -

A- The planet of Tatooine is a dry desert. Times have been rough since the Rebellion began fighting against the Empire. The current planet demographics are as follows: 105,000 species are under the age of 16, 3,500,000 species are above the age of 16, there are currently 30,000 full-time students on the planet, and 75,000 incarcerated species. The galactic battles have ruined supply chains and resulted in many species losing their jobs. Currently 395,000 species are unemployed. Assume all of America's definitions are used on Tatooine.

1. What is the full economic definition of unemployment?

2. What is the size of Tatooine's labor force? Show your reasoning

B- For this question, please answer the following:

1. What is the economic definition of GDP?

2. In your own words, what are some of the shortcomings of GDP? In your answer, please provide an explanation to some of the shortcomings you mention, and not just a list of these potential shortcomings. In other words, explain why these are shortcomings of GDP. If there are no shortcomings of GDP, please defend and explain your answer.

Reference no: EM133266937

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