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A situation in which a section of the people, who are able and willing to work, but do not find gainful work is referred to as 'unemployment'. Such a situation is often found in developing countries as compared to developed countries.
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Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year, or over a given period of time. GDP per capita is often used as an indicator of a country's material standard of living. Gross Domestic Product (GDP) is the total sum of the value of the final goods and services of the Primary, Secondary and Tertiary sectors of the economy of a country produced during a year.
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