what is unemployment
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Unemployment is defined as a situation where someone of working age is not able to get a job but would like to be in full-time employment.
Explanation:
Unemployment occurs when workers who want to work are unable to find jobs, which lowers economic output; however, they still require subsistence.
High rates of unemployment are a signal of economic distress, but extremely low rates of unemployment may signal an overheated economy.
Unemployment can be classified as frictional, cyclical, structural, or institutional.
Unemployment data are collected and published by government agencies in a variety of ways.
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