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Unemployment is present in every economy and measures how healthy an economy is It is when workers who are able and willing to work dont have jobs It is quite impossible to reach zero unemployment no matter how high aggregate demand is because there is always natural unemployment that would occur in most businesses booms A country measures unemployment by taking the unemployment rate which is the number of unemployed expressed as a percentage of the labor force Labor force-the total number of people who do have jobs people who are unemployed There are always people entering and others leaving unemployment The difference between the number entering and the number leaving will determine if unemployment rise or falls Although different countries have different methods of measuring unemployment which is by the results is not always suitable to be compared The unemployment measured rate of a country is not always accurate as only those who are registered as unemployment will appear in the countries statistics in which they receive unemployment benefits in MEDCs LEDCs dont have benefits available so the reliability of the statistics of unemployment rate isnt accurate at all as they are many not registered as unemployed There are many reasons in which cause unemployment Every economy has an natural unemployment rate even when the market clears because the demand for labor and supply of labor is in equilibrium The three natural unemployment includes frictional structural and seasonal unemployment Frictional unemployment is when workers are switching between jobs finding the right job or employer finding the right worker and temporarily dont have jobs They are at a process of searching for a job and are at a process of searching traveling applications and interviews for the right job This is present in every economy because there will always be people entering re-entering the labor force Many dont even register as it is not eligible for unemployment benefit for six weeks This is not
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