Is this an economic impact of unemployment on the individual?

Economics
Tutor: None Selected Time limit: 1 Day

Basically I'm not sure if my current answer to this question is acceptable. My answer is "Lower standard of living due to no income."

Would this be correct or is it more of a social issue?

Aug 2nd, 2015

Thank you for the opportunity to help you with your question!

Item prices keep on rising as a result of higher production costs as well as supply and demand forces. Inflation is triggered by the average rise of prices in the economy. The cost of living rises with rising inflation and vice versa. It's important to tighten your belt and keep a sharp eye on your household budget during periods of high inflation to make ends meet. So, lower standard of living due to no income is an economic impact of unemployment on the individual.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Aug 2nd, 2015

Standard of living of an individual is determined by their access to resources , which comprise of both cash and non-cash income.

Aug 15th, 2015

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