ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the number of people who are unemployed
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the percentage of the population that is unemployed
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the percentage of the work force that is unemployed
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the number of people in receipt of unemployment benefits
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Detailed explanation-1: -unemployment rate, percentage of unemployed individuals in an economy among individuals currently in the labour force. It is calcuated as Unemployed IndividualsTotal Labour Force × 100 where unemployed individuals are those who are currently not working but are actively seeking work.
Detailed explanation-2: -The unemployment rate is the percentage of people in the labour force who are unemployed. Consequently, measuring the unemployment rate requires identifying who is in the labour force. The labour force includes people who are either employed or unemployed.
Detailed explanation-3: -The unemployment rate is defined as the percentage of unemployed workers in the total labor force. Workers are considered unemployed if they currently do not work, despite the fact that they are able and willing to do so. The total labor force consists of all employed and unemployed people within an economy.
Detailed explanation-4: -In the long-term, the South Africa Unemployment Rate is projected to trend around 33.80 percent in 2024 and 32.80 percent in 2025, according to our econometric models. In South Africa, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.
Detailed explanation-5: -Unemployment Rate = Unemployed / Civilian Labor Force The civilian labour force, as mentioned in the formula, consists of both employed and unemployed people.