Unemployment

Unemployment can be defined as: “a state of affairs when in a country there are large number of able-bodied persons of working age who are willing to work but cannot find work at current wage level.” The labour force or working population: “is the total number of workers available for employment in a country.” The force comprises those people currently working as employees, the self-employed and people currently unemployed. The size of the labour forces depend on the activity rate- i.e. the proportion of a country’s total population which makes up the labour force. The unemployment rate is: “the number of unemployed workers expressed as a % of a country’s labour forces.” 

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Keywords:
Type of unemployment

Philip curve

Cost of unemployment