Unemployment refers to the situation where an individual is capable and actively looking for a job but is unable to find one. Unemployment not only affects an individual or a group but also plays a major role in affecting the economy. Individuals who are working temporarily but do not have a settled job also come under the category of unemployment.
Usually, this is measured by the employment rate, which is the number of unemployed people divided by the number of people in the workforce.
The term unemployment is often misunderstood as all non-working people. However, it does not include the people who are not actively looking for a job or have stopped looking for a job in the past 4 weeks due to reasons like family pressure, higher education, and more.
Also, See: Employment Gap
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