Low Unemployment #1 - What is Unemployment

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In this video, you'll learn about the macroeconomic objective of low unemployment. Unemployment is defined as being willing and able to work, actively seeking work, and unable to find work. The unemployment rate is calculated by taking the number of unemployed people divided by the size of the labor force and multiplying it by 100. There are difficulties in measuring unemployment such as hidden unemployment, underemployment, and regional disparities.