Unemployment refers to the situation where individuals who are capable of working, and are actively seeking work, are unable to find a job.
The unemployment rate is the percentage of the labor force that is unemployed and actively seeking employment.
It is measured by dividing the number of unemployed individuals by the total labor force, and then multiplying by 100.
Unemployment can be caused by various factors, including economic downturns, technological changes, and shifts in consumer demand.
High unemployment is a significant economic issue because it represents unused labor resources and can lead to lower income and consumption.