1. Unemployment
A situation where people who are able and willing to work cannot find a job at the prevailing wage rate.

2.Unemployment Rate
The percentage of the labor force that is unemployed.

3. Labor Force
The total number of people who are employed + unemployed and actively seeking work.

4.Types of Unemployment

• Frictional: Short-term unemployment while changing jobs
• Structural: Skill mismatch due to technology or industry change
• Cyclical: Caused by economic slowdown or recession
• Seasonal: Due to seasonal industries (tourism, agriculture)

5. Underemployment
When people work below their skill level or for fewer hours than they want.

6. Natural Rate of Unemployment
The normal level of unemployment in an economy, even when it is growing.

7. Jobless Claims
A short-term indicator showing new layoffs through benefit applications.

8. Phillips Curve
Shows the relationship between unemployment and inflation.

9.Okun’s Law
Explains the inverse relationship between unemployment and economic growth.