What the unemployment rate measures
What the unemployment rate measures
The unemployment rate is the number of unemployed people expressed as a percentage of the labour force. It is not the percentage of the whole population who are unemployed.
Step-by-step lessons on OCR GCSE Economics 3.2.3 Calculate the unemployment rate. Each one builds up to exam-style questions. Build a solid grasp of supply and demand and cost/revenue calculations before tackling the evaluation-heavy policy topics.