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The term unemployment has multiple definitions, unemployment refers to an individual who is enthusiastic and is looking for employment (Galobardes & Shaw, 2006). Mitchell & Muysken (2004) describes it as the incapability of an individual who is eager and can work to attain employment. Roughly around 900 million people from several developing nations earn as low as 2 dollars a day per person that is below the poverty line. Moreover, around 200 million people that are unemployed around the world include the majority of our youth (UN, 2012).
The rate of unemployment differs from nation to nation, with developing nations having the highest rates. According to ILO (Employment Trends Report, 2011), the Middle East has a majority of the unemployed people in the world. Iraq with 10.8% at the top and on the second number in Saudi Arabia with 5.8%.
3.3 Labour market structure
Macroeconomic models are typically aiming towards aggregate supply and aggregate demand (Hein & Stockhammer, 2011). These types of models become significant throughout a recession or economic sluggishness. Supply-side model emphasis the economically dynamic populace, and intend to reduce the structural unemployment rate (Traxler, 1995; Wood, 1994), whereas demand-side models include managers, and aim to lessen demand deficient unemployment (Burtless, 2002).
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