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Full employment refers to the situation when there is only supply-side unemployment.

Full employment is where members of the labour force who are willing and able to work have a job. The only unemployment that exists at full employment is the natural rate of unemployment. It is a situation there is no demand-side unemployment but only supply-side unemployment.

Supply-side unemployment.

  1. Frictional unemployment: it when a person is unemployed from the period she leaves her current job and gets another job.
  2. Voluntary unemployment: labour decides not to have a job.

Demand-side unemployment

  1. Cyclical unemployment: this unemployment occurs as a result of fluctuations in the economy.

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