Unemployment is a term referring to individuals who are employable and actively seeking a job but are unable to find a job. ... Usually measured by the unemployment rate, which is dividing the number of unemployed people by the total number of people in the workforce, unemployment serves as one of the indicators. Unemployment has costs to a society that are more than just financial. Unemployed individuals not only lose income but also face challenges to their physical and mental health. Societal costs of high unemployment include higher crime and a reduced rate of volunteerism. Unemployment substantially reduces an individual's satisfaction levels with his or her main vocational activity and finance, while it greatly increases his or her satisfaction levels with leisure time. With respect to health, it has a small negative effect. Frictional unemployment always exists at some level since there is always movement of labor in and out of the workforce and to different jobs. As stated earlier, structural unemployment is the long-term damage from changes in an economy that have caused unemployment.

Payal Jain

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