Unemployment refers to a situation where people are actively looking for work but cannot find employment opportunities. In other words, unemployment occurs when there is an excess labor supply compared to the available jobs in the market. To calculate the unemployment rate, divide the number of people who are unemployed by the total number of people in the workforce. Unemployment can have various causes, such as economic downturns, technological changes, lack of necessary skills, and structural factors in the labor market. It can have significant economic and social impacts on individuals, families, and society.
Some of the most common types of unemployment include: