Describe the natural rate of unemployment

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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  1. Describe the natural rate of unemployment 
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The term unemployment refers to individuals who are willing to and are able to be employed, but do not have a job. They are actively seeking job as they are employable. Unemployment rate is calculated by dividing the number of unemployed individuals by the total number of individuals in the workforce. This unemployment rate is an indicator of unemployment in an economy.

 

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