Theory of Unemployment, Calculate Unemployment Rate

What do you mean by the term Unemployment?

Definition:  In the U.K, the official unemployment figures are a count of people between 16 and 60 registered as unemployed and who are eligible for unemployment benefit.

- In general, unemployment is a situation in which some labour resources are not being used in the production of goods and services.

Unemployment rate =   (Number of unemployed /Total labour force)   x    100

 

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