Unemployment and low income are one of the best examples to understand socio-economic development. If the unemployment rate is high, people have to work for industries that are lower than their ability on a way lesser pay scale. This suppresses the overall socio-economic development. However, if an economy is flourishing, there will be more job opportunities and the income will also be high, thereby, improving the society and economy as a whole. 

Further Reading:

Aspirants can refer to Economics Notes For UPSC for detailed preparation strategy and study material. 

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