Labor Market, Unemployment

Defining and classifying Unemployment

There is a level of unemployment in any economy, which is not automatically a bad thing, as most people would think. The presence of a level of unemployment, which usually is presented as a percentage, indicates that at any one given point in that economy, there are people looking for work and managers looking for better employees. In economics, the only important factor to look at while determining the level of unemployment is the number of employees who are eager to work but who cannot find work. Unemployment refers to circumstances where there are unwanted job losses and willing workers without jobs. The jobless are those individuals who are currently unemployed but who are actively seeking jobs. A person cannot be referred to as unemployed when they are not looking for a job. Consequently, in economics, not everyone who is not employed is...
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