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In these videos, we have defined several key terms related to unemployment such as labour force participation rate, when is person considered as unemployed. Any person is said to be unemployed, loosely speaking, if he is actively seeking work for sometime (at least four weeks) and unable to find any job. The labor force participation is the number of persons who are employed and unemployed both. We learn how to calculate labour force participation rate.

Then, we discuss what the relation between output fluctuations and unemployment is? In case of an economic boom, unemployment falls and in case of recession, unemployment rises. What is this relation called?

Lastly in this series of videos, we define what is termed as natural rate of unemployment. Continue reading →