The relationship between economic growth and unemployment has been studied experimentally in the economic literature based on what is known as the Okun law, which shows that there is an inversely proportional relationship between the change in the growth rate (GDP) and the change in the unemployment rate.
According to the OECD, unemployment is defined as those over a certain age who are not in paid employment or self-employment but are currently eligible for work during the reference period. The unemployment rate, which is the number of jobless people as a percentage of the labor force, is used to calculate unemployment.
Unemployment refers to a scenario in which a person actively seeks work but is unable to find it. Unemployment is seen as an important indicator of economic health.
Unemployment occurs when a person is able to work and desires to work but is unable to find job. The Bureau of Labor Statistics (BLS) defines unemployed people as individuals who do not have a job but are looking for one.
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