Unemployment occurs when people who are without work are actively seeking work.

 

Unemployment occurs when people who are without work are 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.

Unemployment rate =Unemployed workers/Total labor force * 100%

International Labour Organization report, more than 200 million people globally or 6% of the world's workforce were without a job in 2012.

 Classical economics, New classical economics, and the Austrian School of economics argue that market mechanisms are reliable means of resolving unemployment.