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Job scarcity is an economic term that refers to the number of workers who are not formally employed. It must be noted as being different from the unemployment rate because for the person to be classified as unemployed, he/she has to fit the formal definition of unemployment namely:
# Did not work in the 7 days prior to today # Wants to work and are available to start work within 2 weeks from today # Has taken active steps to look for work or start some form of self-employment in the 4 weeks prior to the interview.
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Earn +20 ptsQ: What is the meaning of Job scarcity?
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