Employed: Anybody who is in the labour force and willing and able to work gets work.
Unemployed: Anybody who is part of the labour force, willing and able to work but does not get work. Involuntarily unemployed.
Services such as someone taking care of the elderly at home or work of a housewife or a parent is not counted to be part of the labour force. One reason being the difficulty in the computation of the same.
The unemployment rate is the ratio of the total number of unemployed and total labour force
Get Answers For Free
Most questions answered within 1 hours.