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8 May, 2015 - 11:12

Unemployment is the labor force seeking employment and unable to find it. The cost of unemployment can be measured by the deficiency in the potential output of a nation: both foregone production, income and consumption of needed goods. A less tangible, but more significant cost is present in the loss of social and cultural value of those unable to play an active role in society.

Some of those who are unemployed have been laid off, while others are new entrants to the labor force, such as graduating young people and women, seeking their first jobs.