Unemployment
Percentage of labor force without work/actively seeking.
Formula
Unemployment rate = (Unemployed ÷ Labour force) × 100
Real World
During the 2008–09 financial crisis, UK unemployment rose from around 5% to over 8%, reducing consumer spending power significantly and forcing retailers like Woolworths into administration as demand collapsed.
Exam Focus
Specify the type of unemployment (cyclical, structural, frictional) in your answer — generic references to 'unemployment' will not score application marks.
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