Unemployment (or joblessness)

Unemployment (or joblessness) occurs when people are without work and actively seeking work. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate. According to International Labour Organization report, "More than 197 million people globally are out of work or 6% of the world's workforce were without a job in 2012

INTRODUCTION 2
1. DEFINITIONS, TYPES, AND THEORIES 3
Classical unemployment 3
Cyclical unemployment 3
Marxian theory of unemployment 3
Full employment 4
Structural unemployment 4
Frictional unemployment 5
Hidden unemployment 5
Long-term unemployment 6
2. MEASUREMENT 7
European Union (Eurostat) 7
United States Bureau of Labor statistics 8
Alternatives 8
3. COSTS 12
Individual 12
Social 12
Socio-political 13
Benefits 13
CONCLUSION 15
LITERATURE USED 16