Unemployment

• Unemployment refers to those who are able, willing and available to work but are not currently employed, despite actively looking for a job.
• Under-employment is when you actually have a job but you are overqualified to have the job. Under-employment also means that you are willing and able to work full-time hours, however, you are only offered part-time hours.
• $(no. people actively seeking work/ total labour force) *$$100$
• Unemployment Rate= Percentage of the economically active population who are unemployed​
• Economically Inactive= those who are of working age but are neither in work nor actively seeking paid work​
• Employment Rate= the percentage of the population of working age in full-time or part-time paid work​