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Define Rotter's concepts of expectancy and reinforcement value and explain how they jointly influence behaviour.
Unemployment Rate
The proportion of the labor force that remains unemployed and is actively looking for ways to gain employment.
Cyclical Unemployment
Unemployment caused by the downturns of the economic cycle, such as recessions.
Natural Rate of Unemployment
The level of unemployment consistent with a stable rate of inflation, caused by the supply and demand for labor adjusting to various market factors.
Actual Rate of Unemployment
The proportion of the labor force that is jobless and actively looking for employment at any given time.
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