Employment refers to the number of people who are currently working for pay in an economy. It represents the utilization of labor resources within a country.
Imagine employment as seats filled in a movie theater. When all seats are occupied, it means full employment - everyone who wants a job has one. If there are empty seats, it indicates unemployment - some people are still looking for jobs.
Unemployment Rate: Measures the percentage of people in the labor force who are actively seeking employment but unable to find jobs.
Labor Force Participation Rate: Represents the proportion of working-age population that is either employed or actively seeking employment.
Underemployment: Occurs when individuals work part-time or have jobs below their skill level due to lack of full-time opportunities or mismatch between skills and available jobs.
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