How to use the Okun's law formula?
In economics, Okun's law is an empirically observed relationship relating unemployment to losses in a country's production first quantified by Arthur M. Okun. The math formula for okun's Law is: 2 (unemployment rate - natural\ unemployment) = potential GDP - actual GDP over potential GDP times 100%. ChaCha!
Answered by Mohamed A. -
About Unemployment Rate
The unemployment rate is a key measure of economic health. The number is a statistic that shows what percentage of the population is unemployed at any given time, based on the number of people who are actively looking for a job.
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About Unemployment
Unemployment is the state of being able and willing to work, but not finding a job. Unemployment statistics are followed closely by economists to gauge the health of the economy.
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