Full-employment theorem
When grown-ups talk about the full-employment theorem, what they really mean is this - Everyone who wants to work should be able to find a job.
Let's imagine that there are 10 people who need jobs. We call them workers. We also imagine there are 10 jobs that need to be done. We call them job openings.
If 9 of those workers can find a job and only 1 person is left without a job, it means we have not reached full employment. This is because one person who wants to work can't find a job.
But, if all 10 workers can find a job and all 10 job openings have been filled, then we have reached full employment. Yay!
What the full-employment theorem is saying is that it's important for everyone who wants to work to have the opportunity to work. Otherwise, people who want jobs but can't find them might struggle to make money and provide for themselves and their families. It's better for everyone if there are plenty of job openings available.
Let's imagine that there are 10 people who need jobs. We call them workers. We also imagine there are 10 jobs that need to be done. We call them job openings.
If 9 of those workers can find a job and only 1 person is left without a job, it means we have not reached full employment. This is because one person who wants to work can't find a job.
But, if all 10 workers can find a job and all 10 job openings have been filled, then we have reached full employment. Yay!
What the full-employment theorem is saying is that it's important for everyone who wants to work to have the opportunity to work. Otherwise, people who want jobs but can't find them might struggle to make money and provide for themselves and their families. It's better for everyone if there are plenty of job openings available.