What is Unemployment?
Unemployment is the number of people that do not have a job, but have been actively searching for a job for at least 4 weeks. The unemployment rate can be calculated by dividing the number of people unemployed, by the entire Labour Force, which is the sum of employed and unemployed people within a given population.
SS
Related Economics A Level answers
All answers ▸What would be the effect on the UK Economy of an increase in the Bank of England Base Rate?
Explain one economies of scale that a firm may enjoy when it expands its production scale.
What do consumer and producer surplus represent?
What determines the elasticity of demand?