Unemployment is a term referring to individuals who are employable and actively seeking job but are unable to find a job but are unable to find a job. It is usually measured by the unemployment rate which is dividing the number of unemployed people by the total number of people in the workforce. Unemployment is considered to be a key measure of the health of the economy. Many governments offer unemployment insurance to certain unemployed individuals who meet eligibility requirements. Unemployment occurs when workers who want to work are unable to find jobs, which lowers economic output. High rates of unemployment are a signal of economic distress while extremely low rates of unemployment may signal an overheated economy. Unemployment can be classified as frictional, cyclical, structural, or institutional. The two broadest categories of unemployment are voluntary and involuntary unemployment. When unemployment is voluntary, a person has left his job willingly in search of other employment. When it is involuntary, a person has been fired or laid off and must now look for another job.

Divyakrishna RS

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