The industry is likely to be a monopolistic industry.
What is a monopolistic competition?
A monopolistic industry is when there are many firms selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition. There is an intense completion among firms in this industry. An example of monopolistic industry are restaurants
To learn more about monopolistic industry, please check: https://brainly.com/question/21052250
#SPJ1
The __________ with over 100 member nations is the largest institution of its kind and has the most successful record of promoting freer trade. The __________ with over 100 member nations is the largest institution of its kind and has the most successful record of promoting freer trade.
The WORLD TRADE ORGANIZATION with over 100 member nations is the largest institution of its kind and has the most successful record of promoting freer trade.
What is World Trade Organization?An international body that regulates trade among its member countries is the World Trade Organization.23 states participate as WTO observers in addition to the 164 member nations.What is the role of World Trade Organization?It complies with TNCs' requests.By encouraging a "race to the bottom" among governments of developing nations fighting for jobs and foreign investment, it threatens the rights of workers and environmental protection.The impoverished are harmed.Why is the WTO important for World Business?the agreement for the selling of commodities.the agreement for the transport of goods.the agreement for goods insurance.the adherence to export and import regulations in terms of formalities and paperwork needed.the payment system the buyer has established.Learn more about World Trade Organization at:
https://brainly.com/question/14276199
#SPJ4
What are the three major stock markets in the United States?
Answer:
Explanation:
S&P 500, Dow Jones Industrial Average, and Nasdaq Composite.
$60 one year ago. The stock is now worth $70. During the year, the stock paid a dividend of $2.25. What is the total return to George from owning the stock? (Round your answer to the nearest whole percent.)?
$60 one year ago. The stock is now worth $70. During the year, the stock paid a dividend of $2.25. The total return to George from owning the stock would be 20% (after rounding off the answer to the nearest whole percent).
Total return on share is the summation of dividend and price appreciation. Since, the dividend = $2.25Then, to ascertain price appreciation we need to subtract the dividend from the total return on the share. Price appreciation = $70 - $60 = $10Total return can be calculated hence. Total return = $10 + $2.25 = $12.25Therefore, the total return for George was $12.25.To round off the answer to the nearest whole percentage:Total return percent = $12.25/$60 = 20% approximatelyTherefore, the total return to George from owning the stock would be 20%.
Learn more about total returns here:
https://brainly.com/question/13078425
#SPJ4
Question 1 Fill in the blank: _____ is how a project manager makes use of productivity tools and creates processes. The project manager may need to use certain tools and processes to do tasks like create a schedule and share information.
When a project manager makes use of productivity tools and creates processes, this is A. Planning and Organizing.
How does Planning and Organizing benefit a manager?Managers need to plan their tasks and organize their resources in order to create processes.
They will do this planning and organizing with the help of productivity tools such as creating schedules.
Options for this question are:
Planning and Organizing. Budgeting and controlling. Managing tasks.Find out more on management planning and organizing at https://brainly.com/question/14464584.
#SPJ1
Specialization in production Group of answer choices Makes a country weak. Reduces the standard of living. Increases output. Decreases total world output.
Specialization in production will increase output.
As any specialization in production will be achieved by specialized labor or technology, both the factor will produce per unit time and gives a comparative advantage.
Specialization is a production method that focuses on the production of a limited range of goods for a company to achieve a higher level of efficiency.
The more they focus on their work, the more efficient they are in that work. This means less time and money is spent producing goods. In other words, you can produce more goods in the same amount of time and money.
Learn more about Specialization in production here:https://brainly.com/question/24448534
#SPJ4
The cornerstone of the public workforce system is Blank______, which unifies different training, education, and employment programs into a customer-friendly system in each community.
The cornerstone of the public workforce system is One-Stop service delivery, which unifies different training, education, and employment programs into a customer-friendly system in each community.
A one-stop delivery system ensures that information about and access to career services are available regardless of where people initially enter the workforce. It does this by making employment and training programs, services, and activities available through a network of qualified One-Stop partners.
The Customer-Friendly System was born in the depths of a mammoth organization by the hand of a massive consulting firm, like so many of its like. Its goal was to automate the difficult procedures needed to originate, route, authorize, underwrite, and fund various types of commercial and residential mortgages.
Learn more about one-stop delivery system here
https://brainly.com/question/11731831
#SPJ4
Employees and potential investors use financial information prepared by ________ to assess the financial health of the business.
Answer:
Financial Accountants
Explanation:
A(n) ________ is an agreement when one party has the right to withdraw from the promise made without incurring any legal liability. Group of answer choices void contract voidable contract implied-in-fact contract executed contract reciprocal contract
A voidable contract is an agreement when one party has the right to withdraw from the promise made without incurring any legal liability.
A formal agreement between two parties that is voidable can become unenforceable for a variety of legal reasons, such as: failure to reveal a crucial truth by one or both parties. a blunder, false statement, or fraud. excessive pressure or coercion.
Contrary to a void contract, a voidable contract is a legitimate agreement that may be accepted or rejected at the discretion of one of the parties. The contract only binds one party at most. The contract is revocable by the unbound party, at which point it is null and invalid.
Learn more about voidable contract here https://brainly.com/question/17162523
#SPJ4
Cynthia loves her apartment and would like to have the option to buy it once her lease is up. Who is the best person to help Cynthia prepare a lease option?
A real estate attorney is the best person to help Cynthia prepare a lease option.
Who is the optionee in an option contract?The seller is the optionor and the buyer is the optionee in an option contract. It is a unilateral contract since the buyer has the option to purchase while the seller is required to sell.What is an option to buy agreement?An option-to-purchase agreement is a contract that grants a tenant or investor the opportunity to buy real estate in the future in exchange for a fee.What does first option to buy mean?When an owner intends to sell a property, this clause, also known as a right of first refusal or first right to purchase, compels the owner to provide the holder the first opportunity to purchase the property. The holder cannot compel the owner to sell, unlike the option to purchase.What is purchase option?A purchase option is the freedom to buy, rent, or lease real estate or other property interests.Learn more about purchase option here:
https://brainly.com/question/25745683
#SPJ4
The motives of those involved in unethical behavior that caused the financial crisis in the real estate, banking, and mortgage industries included: Multiple select question. greed the wish to inflate their own earnings assuring buyers and sellers of financially sound investments providing homes only to those who could afford them
The motives of those involved in unethical behavior that caused the financial crisis in the real estate, banking, and mortgage industries included Option A greed and the wish to inflate their own earnings.
What is unethical behavior?unethical behavior bare behavior that is contrary to the rules and principle of the organization.
In most cases it is usually as a result of greed and the wish to inflate their own earnings.
Learn more about unethical behavior at:
https://brainly.com/question/24518056
#SPJ1
1. Take a moment to reflect on the process of creating your personal budget. What was the most challenging part of creating your budget? Did you take the time to track your spending? What did you discover about your spending? How does it feel to have a plan for your spending? (2 points)
The most challenging part is to make sure you follow the budget even when I took the time to track my expenses. Also, you learn there are unexpected expenses but having a budget makes you feel confident.
What was the most challenging part of creating your budget?Last year, I created a budget for a trip, and the most difficult part was both thinking about all the elements in the budget and tracking all the expenses before and during the trip.
Did I take the time to track my spending?I took the time to track my spending by checking the budget every time I spent money for the trip.
What did I discover about spending?I discovered there are some unexpected expenses I had not considered such as renewing my passport or paying taxes.
How does it feel to have a plan?Having a plan makes me feel confident about spending money because I have control of it.
Learn more about budgets in https://brainly.com/question/18803390
#SPJ1
The ultimate purpose of a contract is the creation of an agreement that courts will order parties to perform or to pay consequences for the failure of performance. When courts uphold the validity of such promises, the resulting agreement is a(n) ________. Group of answer choices enforceable contract relative contract differentiated contract absolute contract void contract
When courts uphold the validity of such promises, the resulting agreement is an (E) enforceable contract.
What is an enforceable contract?An enforceable contract is one that may be enforced in a court of law, whether written or oral. If the law allows for contract enforcement, the assenting parties are obligated to carry out an agreement. Terms cannot be violated or breached without rendering the contract null and void.An enforceable contract is formed when two or more people enter into an agreement or contractual obligation that allows one of the parties to legally compel the other to do anything. The ultimate goal of a contract is to create an agreement that courts will require parties to perform or pay penalties for failing to perform.A contract must contain both an offer from one party and an acceptance from the other party in order to be enforceable.Reason -As the definition above states that the ultimate goal of a contract is to create an agreement that courts will require parties to perform or pay penalties for failing to perform.
Therefore, when courts uphold the validity of such promises, the resulting agreement is an (E) enforceable contract.
Know more about contracts here:
https://brainly.com/question/5746834
#SPJ4
Correct question:
The ultimate purpose of a contract is the creation of an agreement that courts will order parties to perform or to pay consequences for the failure of performance. When courts uphold the validity of such promises, the resulting agreement is a(n) ______.
A. absolute contract
B. differentiated contract
C. void contract
D. relative contract
E. enforceable contract
Effective customer relationship management programs go beyond the development of a database and traditional selling tactics to ____________________________.
Effective customer relationship management programs go beyond the development of a database and traditional selling tactics to mass personalization of communications and goods.
Customer relationship management: what is it?In order to manage and analyze customer interactions and data across the customer life cycle, businesses employ a combination of practices, strategies, and technologies known as customer relationship management (CRM). The objective is to strengthen interactions with customers in order to promote client retention and increase sales.
What is a good illustration of customer relationship management?expressing gratitude to customers once they make purchases. If a customer buys a certain product, sell or cross-sell to them. sending a coupon along with a birthday message. giving a customer who hasn't bought anything recently a discount.learn more about customer relationship management here https://brainly.com/question/13925067
#SPJ4
Demographic factors such as economic status are useful in predicting public opinion. Those with high incomes tend to
The demographic data shows that high incomes earners tend to buy luxury goods that come with high price.
What is a Demographic factors?As part of market segmentation, the Demographic segment helps to identify the peoples incomes and their respective needs/wants.
Hence, as the demographic data are useful in predicting public opinion, they shows that high incomes earners tend to buy luxury goods that come with high price.
Read more about Demographic factors
brainly.com/question/6623502
#SPJ1
Pricing Blank______ frequently reflect corporate goals, while pricing Blank______often relate to conditions existing in the marketplace.
Pricing objectives frequently reflect corporate goals, while pricing constraints often relate to conditions existing in the marketplace.
Pricing objective or goals give direction to the whole pricing process. While deciding on the pricing objectives you must consider the following:
*The overall marketing, financial, and strategic objective of the company.
*the resources you have available
*consumer price elasticity and price points
*and, the objectives of your product or brand.
Pricing constraints are the factors that limit the latitude of prices that a enterprises sets.
Pricing objectives involves specifying the role of price in enterprise marketing and strategic plans whereas pricing constraints are the factors that limit the range of prices a firm may set.
Learn more about pricing constraints here.
https://brainly.com/question/7452044
#SPJ10
Answer:objectives, constraints
Explanation:
Mary Lou writes a check for $50 to her grandson Justin as a birthday present. Instead of immediately cashing the check, Justin puts the check in a drawer and forgets about it. Eight months later, Justin discovers the check still sitting in his drawer and takes it to the bank. The bank takes the check and gives Justin $50. When Mary Lou gets her bank statement, she sees that $50 has been taken out of her account to cover the check. Mary Lou calls the bank to complain, stating that the check was so old it should not have been cashed and demanding that they debit her account $50. Because the bank has already paid the check:
Answer:
the bank was justified in debiting mary lou's account for the $50, because acheck is not stale unit it is more than one year old.
Explanation:
A sales manager at a consumer durable goods manufacturing firm instructs his new salesperson, Carol, that she must identify ten potential customers and sell five flat screen televisions per week. This directive from the sales manager is referred to as Carol's _______. a. referrals b. sales leads c. touch points d. quota
A sales manager at a company that manufactures consumer durable goods gives Carol, his new salesman, the assignment of finding ten potential clients and selling five flat-screen televisions each week. Carol's quota is the name of the sales manager's instruction.
The performance benchmark that sellers must meet in order to qualify for their goal incentive pay is known as a sales quota. Goals or targets, often known as quotas, might motivate sellers more when opportunity differs by territory.Sales quota types-
Profit Cap. The sales reps are given a profit-based quota that requires them to sell goods or services for a specific price in order to generate a certain quantity of revenue for the business.The expense cap.Activity Capacity.Combination Limit.Forecast Capacity.Why is it important for a sales manager to set quota for salespeople?Sales representatives are encouraged by quotas to create plans that will allow them to reach the desired performance level. If these quotas are met, it can result in satisfaction and increased motivation or frustration and decreased motivation.Learn more about sales management quota brainly.com/question/4188089
#SPJ4
An oil cartel effectively increases the price of oil by 100% causing a shock in oil consuming countries A and B. The FED in country A takes immediate action increasing the money supply, while FED in inflationary country B does not take any action. In the long run you would expect that: a. Both countries return to their long-term stable equilibrium (Y and unemployment) but with a higher price level b. Both countries return to their long-term stable equilibrium, but country A will remain with a higher price level than country B c. Both countries return to their long-term stable equilibrium, but country B will remain with a higher price level than country A d. Country B will never return to its long-term equilibrium
When an oil cartel effectively increases the price of oil by 100% causing a shock in oil consuming countries A and B.
The FED in country A takes immediate action increasing the money supply, while FED in inflationary country B does not take any action
In this case, in long term "Both countries return to their long-term stable equilibrium, but country A will remain with a higher price level than country B".
What is Federal Reserve System (FED)?The nation's central banking system is the Federal Reserve System, usually referred to as the Federal Reserve or just the Fed.
The Fed offers a secure, adaptable, and stable monetary and financial system to the nation.
The Fed's primary responsibilities include-
overseeing and regulating banks,implementing national monetary policy,preserving financial stability, and offering banking services.Therefore, to better understand the effects of financial services laws and practices on customers and communities, the Federal Reserve promotes supervision, community reinvestment, and research.
To know more about monetary policy, here
https://brainly.com/question/13926715
#SPJ4
Along an aggregate supply curve, if the level of output is less than the natural level of output, then the price level is: a. greater than the expected price level. b. less than the expected price level. c. equal to the natural price level. d. stuck at the existing price level.
Along an aggregate supply curve, if the level of output is less than the natural level of output, then the price level is: Less than the expected price level.
What is Natural Level of Output?The term natural level of output is a macroeconomic concept that occurs in an economy when there is a full and efficient utilization of all available resources. It is also known as the full employment level.
What is Aggregate Supply Curve ?The aggregate supply curve is an economic graph that indicates how many goods and services an economy’s firms are willing and able to produce in a given period.
The Aggregate Supply Curve is the sum of all the supply curves for individual goods and services. Therefore, as the individual Aggregate Supply Curve, it represents a direct relationship between the price and the quantity supplied.
In the long-term, the Aggregate Supply Curve is perfectly vertical because it represents an economy’s potential output with full employment of an economy’s resources. In the short-term, the Aggregate Supply Curve is upward sloping because as the prices increase, and so do the costs. The Aggregate Supply Curve is shifts when a change in supply, working capital, natural resources, or occurs.
Therefore, we can conclude The correct option is B. Less than the expected price level.
Learn more about Aggregate Supply Curve on:
brainly.com/question/14748223
#SPJ4
If a rise in incomes is the same proportion for both low-income and high-income workers, then poverty will rise and inequality will remain unchanged. then poverty will rise and inequality will rise. then poverty will fall and inequality will remain unchanged. then poverty will fall and inequality will fall.
Then poverty will fall and inequality will rise.
What is poverty?Being in a state of poverty means having few material possessions or little money. Numerous social, economic, and political factors can contribute to or be a result of poverty. There are two primary metrics of poverty used in statistics and economics: Relative poverty is the inability of a person to maintain a minimal standard of living in comparison to others in the same period and place. Absolute poverty is the comparison of income to the amount required to meet fundamental personal necessities, such as food, clothing, and shelter. Depending on the community or the country, many terms are used to define relative poverty.What is income inequality?The disparity in how income is allocated among people or populations is known as income inequality. It is also known as the wealth gap, wealth disparity, wealth and income discrepancies, or the gap between the rich and the poor.Therefore, the poverty will fall and inequality will rise.Know more about absolute poverty here:
https://brainly.com/question/2264730
#SPJ4
Consider the following for the costs of a pair of jeans: Direct material costs: $2 per yard and 3 yards are needed Direct labor costs: $20 per hour and 0.5 hours are needed Overhead costs: $5 per hour and 1 hour is needed What is the total cost to make a pair of jeans
The total cost to make a pair of jeans is $21.
The entire cost to produce a pair of jeans is determined as follows:
Total cost for pair of jeans = Direct material cost + Direct labor cost + Overhead cost
= $ 6 + $ 10 + $ 5
= $ 21
Thus, a pair of jeans costs $21 to create in total.
Direct material cost is calculated as follows:
Direct material costs: $2 per yard and 3 yards are needed for a pair
Direct material cost = 3 yards * $ 2 per yard = $ 6
Direct material labor is calculated as follows:
Direct labor costs: $20 per hour and 0.5 hours are needed for a pair
Direct labor cost = 0.5 hours * $ 20 = $ 10
Overhead cost is calculated as follows:
Overhead costs: $5 per hour and 1 hour is needed for a pair
Overhead costs = 1 hour * $ 5 = $ 5
To know more about total cost click here:
https://brainly.com/question/5168855
#SPJ4
A constant-cost, perfectly competitive market is in long-run equilibrium. At present, there are 1,000 firms each producing 400 units of output. The price of the good is $60. Now suppose there is a sudden increase in demand for the industry's product which causes the price of the good to rise to $64. In the new long-run equilibrium, how will the average total cost of producing the good compare to what it was before the price of the good rose
In a long run equilibrium, The average total cost will be the same as it was before the price increase.
What is Long Run Equilibrium?A company reaches equilibrium over the long term when it modifies one or more of its plants to create output at the least point on their long-run Average Cost (AC) curve. The demand curve determined by market pricing and this curve are tangential. In the long run, a company simply makes standard profits. The industry will draw new firms into it if a firm has above-average short-term earnings.As the industry grows, this eventually results in a decrease in the prices of the commodities and an increase in the prices of the factors. Until the AC curve is perpendicular to the demand curve, these modifications persist.On the other hand, if businesses experience short-term losses, they will eventually exit the sector.As a result, as the industry shrinks, prices rise and costs decline. Until the remaining businesses in the sector are able to cover their overall costs and regular earnings, these adjustments will continue.What are the conditions associated with Long Run Equilibrium?The conditions below are necessary for the long run equilibrium of firm:
The output is created for the least amount of money.The marginal cost is barely covered by the selling price.Plants are ultimately utilized to their utmost potential. Resources are not squandered as a result.Businesses only make typical earnings.While profits are typical, businesses strive to increase them.Know more about Long Run Equilibrium https://brainly.com/question/13869483
#SPJ4
In the opening vignette, the Access Telecom (AT), built a system to better visualize customers who were unhappy before they canceled their service. Group of answer choices True False
It is a true statement that Access Telecom built a system to better visualize customers who were unhappy before they canceled their service.
What is the aim of visualizing customers?The firm of Access Telecom introduced this system to identify the customers that are unsatisfactory with their services.
Hence, it is a true statement that Access Telecom built a system to better visualize customers.
Read more about customers satisfaction
brainly.com/question/7631532
#SPJ1
When conducting a formal marketing/sales event, there are elements that you must cover in order for your presentation to be compliant. Listed below are several required elements related to Star Ratings. Which one is not required?
There are several elements that need to be covered when conducting a formal marketing/ sales event except A. providing a list of plans that have the same star rating.
How can you be compliant when conducting a formal marketing/sales event?It is important that several different plans are offered because consumers have different types of needs.
A complete plan presentation should also be provided to ensure that consumers know what they are getting into.
You do not however have to provide plans that have the same star ratings as the plan being presented on.
Options for this question include:
A. providing a list of plans that have the same star rating.
B. providing a complete plan presentation.
C. providing different plans
Find out more on formal sales events at https://brainly.com/question/24370156.
#SPJ1
Sue, a single taxpayer, purchased a principal residence in 2009 for $415,000. In 2012, she paid $18,000 to add a sunroom. This year, Sue sold the residence for $686,000. Her selling expenses were $5,000. How much gain must Sue recognize on the sale
Sue must recognize the gain of $0 on the sale. Let's see how.
Lets calculate the gain on the sale of the residence.
Gain = Selling Price+ selling expenditure- Cost basis
= 686000-5000- 433000
= $ 248,000
Cost Basis = Cost+ Improvements
= 415000+ 18000
=$ 433000
Lets discuss the gain to be recognized now.
According to the IRS publication 523, the gain from the sale of main home upto $250,000 are not included in income. Moreover, Sue has kept the house for more than 24 months. Here, the gain is $248,000 which is below the amount of $250,000.
Hence, the entire gain is excluded.
So, Sue has to recognize $0 on the sale.
To learn more about gain, refer: https://brainly.com/question/1153322
#SPJ4
According to a team of researchers at the University of Aston in England, __________ organizations tend to be characterized by __________ levels of job specialization and __________ standard operating procedures.
According to a team of researchers at the University of Aston in England, small organizations tend to be characterized by fewer levels of job specialization and less standard operating procedures.
In assessment, a natural enterprise is characterized by means of a noticeably low degree of work specialization, unfastened departmentalization, few levels of management, wide spans of control, decentralized decision-making, and a brief chain of command.
The conventional organizational chart, as illustrated in exhibit 10.2, is perhaps the maximum common manner of depicting formal business enterprise. The everyday corporation has a hierarchical form with certainly described roles and responsibilities.
A natural organizational structure is characterized by an exceedingly flat reporting structure inside a company. In this corporation, the span of management of the standard manager features a massive variety of employees.
Learn more about job specialization here https://brainly.com/question/15393965
#SPJ4
What processes are business processes, such as manufacturing goods, selling products, and providing service, that make up the primary activities in a value chain
Core Process is the answer
A core process is an organization's process that aims to produce goods or serve customers.
In business, a core item is defined as an item that is immediately responsible for the revenues and cash flows of that particular business, whereas a non-core item is of a more strategic view, intended to benefit the revenue model and cash flows of the core items
4 Five core processes are required for the success of small business
Project management. ...Personnel management. ...Accounting and Finance. ...Marketing and SalesLearn more about core process here:https://brainly.com/question/24881159
#SPJ4
What is the term for when a sponsor requests that the organization contribute financial support to a project
Cost Sharing is the term for when a sponsor requests that the organization contribute financial support to a project.
What is Cost Sharing?
Cost sharing or matching, as used in accounting, refers to the portion of a project or program's expenditures that are not covered by the funding source. It covers all contributions that a recipient contributes to an award, including monetary and non-monetary ones. Only eligible non-federal expenditures qualify for cost sharing if the award is federal, and they must adhere to other necessary and reasonable requirements to achieve the program's goals.
The total committed effort is calculated to incorporate cost sharing effort. The amount of time spent on a specific activity stated as a percentage of the person's overall activity for the institution is known as their effort. Cost sharing must be acceptable under cost principles and traceable by records in order to be subject to audit.
The benefits of cost sharing:
They give marketers the tools they need to deal with the increasing costs of direct marketing necessities like postage and paper, which are posing competitive problems. Because the expenditures are shared, they assist marketers in lowering direct mail expenses. The growth of technological technologies and alternate media outlets has increased their efficacy.
Learn more about accounting here:
https://brainly.com/question/15060397
#SPJ4
what do customers want from organizations when meeting their needs or finding a satisfactory solution
Customers want organizations when meeting their needs or finding a satisfactory solution to be flexible and open for further suggestions.
Who are customers?Customers are individual who buys from an organization. They can be consumer or end users.
They want company or individual to be flexible when dealing with them in other to provide them with more satisfaction.
Therefore, Customers want organizations when meeting their needs or finding a satisfactory solution to be flexible and open for further suggestions.
Learn more on customers below
https://brainly.com/question/380037
#SPJ1
When meeting customers' needs or finding satisfactory solutions to their wants, the organization must be flexible.
What is flexibility in customer service?Flexibility in customer service shows the organization's ability to adjust to customer situations, recognizing that individual customers vary.
Each customer encounter needs to be attended to with flexibility, professionalism, and a patient learning attitude.
Thus, customers want organizations to be flexible when meeting their needs or finding a satisfactory solution.
Learn more about customer service at https://brainly.com/question/1286522
#SPJ1
Suppose there are 200 million people in the population, 120 million people in the civilian labor force, and 90 million people are employed. The number of people unemployed is _______ million and the unemployment rate is ___________ percent.
Suppose there are 200 million people in the population, 120 million people in the civilian labor force, and 90 million people are employed. The number of people unemployed is 30 million and the unemployment rate is 25 percent.
Unemployment is the state of being able to work, actively looking for job, yet unable to do so. It is crucial to remember that a person must be actively seeking payed employment in the labor force in order to be termed unemployed.
The OECD defines unemployment as those over a certain age who are currently available for work but are not currently employed or self-employed. The number of jobless persons as a percentage of the labor force is used to calculate the unemployment rate, which is used to calculate the level of unemployment.
Learn more about unemployment here https://brainly.com/question/734393
#SPJ4