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Module 1: Economics and employment

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The unemployment rate

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Economics - The unemployment rate

The unemployment rate

The unemployment rate is calculated using the following formula:

Example:

Consider the following figures and calculate the unemployment rate.

Unemployed people: 8000

Employed people: 92000

People not seeking employment: 6000

The labour force consists of everyone who is employed and everyone who is
classified by the ABS as unemployed.

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