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Running Head: UNEMPLOYMENT RATE & INFLATION RATEUnemployment Rate & Inflation RateStudents NameInstitution1UNEMPLOYMENT RATE & INFLATION RATEUnemployment Rate & Inflation RatePART 1Definition.Unemployment occurs or takes place if someone or a person who is actively looking for a jobor seeking unemployment is unable to find a job.The unemployment rate can be defined as the percentage of the total labor force that tends tobe unemployed but actively seeking employment or looking for jobs and willing to work if byany chance one gets a job or employed ( Argy & Nevile, 2016).As for the definition by the International Labor Organization, an unemployed individual issomeone who is actively looking for the job but does not have a job.The unemployment rate is a measure of the number of persons who are both jobless andseeking or looking for a job ( Svensson, L. E. 2015). This measurement can be regarded as alagging indicator, confirming but not predicting long-term market trends.For one to be considered as actively seeking employment or looking for a job, a person mustbe in contract with employers, getting interviews sending out applications, reaching out to nongovernmental employment agencies.Economists, on the other hand, prefer this particular measure because it controls for anincrease or a decrease in population.2UNEMPLOYMENT RATE & INFLATION RATE3However, in a case for the lay- persons, the unemployment rate should be regarded as onemeasure amo

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