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if the buyers and sellers in each market take their decisions following only their own self-interest, economists will not need to think of the wealth and welfare of the country as a whole separately.
ADAM SMITH (FATHER OF MODERN ECONOMICS)
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Unemployment Rate
unemployment rate may be defined as the number of people who are not working and are looking for jobs divided by the total number of people who are working or looking for jobs
(In USA, from 1929 to 1933, unemployment rate rose from 3% to 25%)
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CURATOR'S NOTE
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