The correct option is (c).
Explanation
Unemployment refers to a situation where individuals who are capable of working and actively seeking employment are unable to find work. It represents a macroeconomic inefficiency and has significant social and economic repercussions.
Statement-wise Analysis:
- Statement 1 is Incorrect: Unemployment leads to the wastage of manpower resources rather than their efficient utilization. Individuals who could have contributed to the economy as assets become liabilities due to the lack of productive engagement.
- Statement 2 is Correct: Unemployment increases the economic overload or dependency ratio. The unemployed population depends on the working population for subsistence, thereby increasing the financial burden on the productive workforce.
- Statement 3 is Correct: Unemployment has a detrimental impact on the overall growth of an economy. It indicates a depressed economy, results in the loss of potential output (GDP), and reduces the aggregate demand necessary for economic expansion.
Key Takeaway:
Unemployment signifies a wastage of human capital, increases the dependency burden on the working population, and acts as a drag on overall economic development.