The actual rate of unemployment in 2010 was 10% while the natural rate was 5.8%.
What does Unemployment mean?
Unemployment is a term used to describe a person who is out of work or who is looking for work but is unable to find it. The individual may be unemployed or have lost their job and are looking for another but are unable to find suitable employment. Unemployment can also refer to a broader situation in which an economy lacks job opportunities.
What does Natural rate mean?
A theoretical rate of interest at which aggregate supply and aggregate demand for goods and services in an economy are equal is known as the "natural rate of interest." This rate reflects an economy's normal level of real output and employment and does not account for any government or central bank intervention. It is also known as the Wicksellian rate of interest or the equilibrium rate of interest.
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