Labor shortages occur when there is an insufficient number of available workers with specific skills to meet the demand for labor in an economy. It can lead to difficulties for businesses in finding and hiring qualified employees.
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Unemployment Rate: The percentage of the labor force that is actively seeking employment but unable to find jobs.
Human Capital: The knowledge, skills, and abilities possessed by individuals that make them productive contributors to the economy.
Labor Force Participation Rate: The percentage of the working-age population (16 years old and above) that is either employed or actively seeking employment.