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Introduction: Now-a-days, unemployment has become one of the alarming economic concerns. It creates obstacle to economic growth. Unemployment not only cripples the wheel of economy but also squeezes the choices that a person could make which in turn reduces the well being as a whole. It will not be exacerbating if anyone says that unemployment shrinks the welfare of welfare economics. Present world is facing the challenge of controlling the unemployment rate. So, the issue of unemployment needs to be handled carefully. Before going to the main discussion let me simplify the terms economics and unemployment as much as possible. What is Economics: The first thing to ponder is what is economics? Economics is the study of the choices people and societies make to attain their unlimited wants, given their scarce resources (Hubbard et. al 2010). This definition make us understood that the economics is a discipline about fulfilling the needs considering the limitation of resources. This need can vary from person to person, society to society, country to country. There are two types of economics, Macro and Micro-economics. Macro-economics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. Micro-economics deals with how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices. Unemployment, through the lens of economics: In economics, there are few factors those are controlling the productions of the economy. These are labor, capital, natural resources, and other inputs used to produce goods and services (Hubbard et. al 2010). There are three types of economic system; Market, Command and Mixed economy (Samuelson 2006). All these economic systems share a common phenomenon, unemployment. Now what is unemployment? Unemployment or joblessness, as defined by the International Labor Organization, occurs when people are without jobs and they have actively hunted work within the past four weeks. The Unemployment rate is a measure of the frequency of joblessness and it is calculated as a percentage by dividing the number of unemployed individuals (who are able or willing to work but do not have one and actively looking for it) by all
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individuals currently in the labor force. Unemployed individuals are unable to earn money to meet financial obligations and seen as a burden to economy. Unemployment increases susceptibility to malnutrition, illness, mental stress, and loss of self-esteem and self efficacy, leading to depression. Current scenario of unemployment: Recent economic news came into the Guardian United Kingdom (UK) that the social unrest is growing throughout the Europe said by the International Labor Organization (ILO) report (World of Work Report 2012). The report showed that the steep welfare cuts and failure to implement policies by the governments are helping this growth of Unemployment. The ILO report said that "Society is becoming increasingly anxious about the lack of decent jobs. In 57 out of 106 countries, the Social Unrest Index increased in 2011 compared with 2010"(World of Work Report 2012). Its also showed that in 2012, the estimated rate of unemployment will increase at the rate of 6.10percent which is almost 202million to the year 2011 where this number was 196million. The report also highlighted Europe, the Middle East, North Africa and sub-Saharan Africa as the areas most affected by strikes and protests. In Spain, thousands protested against spending cuts introduced by Prime Minister Mariano Rajoy's conservative government. The cuts, being particularly severely felt in the education and healthcare sectors, are aimed at tackling a debt crisis that has pushed the country back into recession and driven unemployment close to 25%. The ILO said it was concerned at the way young people were being locked out of labor markets and the rise of short-term contracts, which also hit the young and women more than other groups. After the four years in to the global crisis, the labor market has become more structural and thus more hardship comes to mitigating the unemployment. "In addition, for a growing proportion of workers who do have a job, employment has become more unstable or precarious. In advanced economies, involuntary part-time employment and temporary employment have increased in two-thirds and more than half of these economies respectively," the ILO report said. It is seen that the young people are the most affected of the current global crisis. They are facing the problems in every sphere of their lives.

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Unemployment in Business Economics: The business economics though is concerned of the economic issues and problems related to business organization, management, and strategy, issues and problems include: an explanation of why firms emerge and exist; why they expand horizontally, vertically. The role of entrepreneurs and entrepreneurship; the significance of

organizational structure; the relationship of firms with the employees, the providers of capital, the customers, the government; the interactions between firms and the business environment and so on are also enclosed in this topic. So the unemployment scenario all over the world, especially in Europe, has been caught in the red hand. People always fear about the likelihood of losing their jobs in any time which creates inefficiency and disorder among the workers. As a result, the inflation rate will go up and the countrys Gross Domestic Production (GDP) will face the great threat by the inflation. Conclusion: No doubt, unemployment itself is one of the most uttered words in the economic arena of the last half decade. It is high time of addressing this vital issue as it has already created the chronic cycle of economic fall down. A minimum level of unemployment, not surprisingly, is inherent in economy and measures can not exactly uproot it. But anxiety comes when unemployment rate goes up without compromising with the worlds economic concern as we see it now. And this persistent growing rate of unemployment may gear up inflation as well as inequality, in turn. Unless and until it is being controlled, the economic movement of world and entrepreneurship success will be a matter of daydream only.

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References: Hubbard, Garnett, Lewis and OBrien: Essentials of Economics 2010 Pearson Australia. Moschandreas, Maria (2000). Business Economics, 2nd Edition, Thompson Learning. Resolution concerning statistics of the economically active population,

employment, unemployment and underemployment, adopted by the Thirteenth International Conference of Labour Statisticians (October 1982), International Labour Organization (ILO). Samuelson, Paul A and Nordhaus, William D. Economics 18th edition, International edition 2006, McGraw Hill. Sloman, J and Sutcliffe (2004) Economics for Business, Financial Times/ Prentice Hall; 3rd edition. Phillip Inman, economics correspondent, The Guardian, Social unrest on the rise in Europe, says ILO report. Monday 30 April 2012.

http://www.guardian.co.uk/business/2012/apr/29/social-unrest-europe-cutsstrikes (last visited on 30 April, 2012). Global Employment Outlook, April 2012 Projections, International Labour Organization (ILO). World of Work Report 2012, Better Jobs for Better Economy, International Labour Organization and International Institute for Labour Studies.