Question

Define unemployment. (Topic: Labour And Employment)

Answer 1

Unemployment or joblessness is the situation of actively looking for employment but not being currently employed. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. 


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Answer 2

Explanation:

Unemployment happens when people who want to work can not find jobs, which means lower economic output while still needing livelihood. High unemployment rates are a sign of economic distress, but extremely low unemployment rates can indicate an overheated economy.

Unemployment involves, according to the Organization for Economic Co-operation and Development, all individuals above a defined age who were: not in paid employment or self-employment, currently available for work, seeking work during the reference period.