SOSC 1510 Lecture : unofficial unemployment rates

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Unemployment rates are critical to any economy as it allows governments to have an idea, concerning how much of the population is unemployed. Unemployment rates can be seen as one of the factors that outline a healthy economy. Playing such a vital role, we need to be able to understand how unemployment rates are calculated. This is because of the overwhelming amount of people that are overlooked by this calculation who play an important role in the economy. Those not included in the official unemployment rate include; students who do not want to work while studying, people who performed unpaid work at home, disabled who are not looking for work and the retired. Thus by definition, i my self am not included in the official unemployment rate because i am a student now looking for work. Another group of people who are not included in the official definition of unemployment or the unemployment rate are discouraged workers.

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