Question

A retailer's ability to sell products and service to customers depends largely on its understanding of their needs, habits, and purchase behavior.

Answer 1

The unemployment rate in Economy City in 2022 was 5.6%.

Step-by-step explanation:

In 2022, Economy City had a total labor force of 1,480,000 individuals. Among them, the number of formally employed individuals was 1,044,830. To calculate the unemployment rate, we use the formula: (Number of unemployed individuals / Total labor force) * 100.

Subtracting the number of employed individuals from the total labor force gives us the number of unemployed individuals: 1,480,000 - 1,044,830 = 435,170. Dividing the number of unemployed individuals by the total labor force and then multiplying by 100 yields the unemployment rate: (435,170 / 1,480,000) * 100 = 5.6%. This rate signifies the percentage of the labor force that was unemployed in Economy City during that period.