What is meant by the term unemployment rate?
a. the speed at which people lose their jobs during a particular year
b. the length of time it takes for unemployment to go down
c. the number of people who want employment but cannot get jobs
d. the number of jobs for which employers cannot find workers
c. the number of people who want employment but cannot get jobs
The unemployment rate is a measure of the prevalence of unemployment and is calculated as a percentage by dividing the number of unemployed individuals by the total number of individuals in the labor force. It represents the proportion of the labor force that is actively seeking employment but unable to find jobs.