What components are typically combined to define the natural rate of unemployment?

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Explanation

The natural rate of unemployment is understood as the sum of frictional unemployment (short-term job transitions) and structural unemployment (mismatch between workers' skills and job requirements). Cyclical unemployment, caused by economic downturns, is not included in the natural rate.

What components are typically combined to define the… — Aggregate Supply, Unemployment And Inflation | PakQuizHub