The number of people in the economy who are willing and actively seeking for employment but do not receive an opportunity are called as unemployed.
Unemployment rate has advantages and disadvantages to the business.
Advantages
1.Firm can obtain a labor for cheap prices.
2.Firm can have more options while recruiting employees.
Disadvantages
1.Population income level will be low when unemployment rate is high therefore firm will lose demand luxury goods.
2.due to unemployment crime rate in a country will become high.
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