What is the term used to describe the level of unemployment that exists when the economy is at full employment equilibrium?

The term used to describe the level of unemployment when the economy is at full employment equilibrium is "natural rate of unemployment. " This means that even when the economy is doing well and people can find jobs easily, there will still be some unemployment due to factors like people changing jobs or entering the workforce for the first time. For example, if a recent college graduate is looking for their first job, they are counted as unemployed, even though the economy is healthy. The natural rate of unemployment includes this kind of temporary unemployment and is usually around 4 to 5 percent in a strong economy. Understanding this helps us see that some unemployment is normal and necessary for a dynamic economy.