Define unemployment and what are the different types of unemployment

1.	Define unemployment and what are the different types of unemployment
Answer» Unemployment is DEFINED as a situation where someone of working age is not able to get a job but would like to be employed. Unemployment plays a major role in economics as it is a key macroeconomic indicator of health of the economy. There are THREE types of unemployment: 1. Structural unemployment: It occurs because of an absence of demand of a certain type of WORKER. It happens when there is mismatch between worker skills and skills employers want. 2. Cyclical unemployment: It is the unemployment when an economy is FACING many shocks. When the economy enters a recession, many of the jobs lost are considered cyclical unemployment. 3. Frictional unemployment: It happens due to the normal turnover in the labor market and the time it takes for workers to find new jobs.

Answer»

Unemployment is DEFINED as a situation where someone of working age is not able to get a job but would like to be employed. Unemployment plays a major role in economics as it is a key macroeconomic indicator of health of the economy.

There are THREE types of unemployment:

1. Structural unemployment: It occurs because of an absence of demand of a certain type of WORKER. It happens when there is mismatch between worker skills and skills employers want.

2. Cyclical unemployment: It is the unemployment when an economy is FACING many shocks. When the economy enters a recession, many of the jobs lost are considered cyclical unemployment.

3. Frictional unemployment: It happens due to the normal turnover in the labor market and the time it takes for workers to find new jobs.

Discussion

No Comment Found

Related InterviewSolutions

DIOshowsdalaThe followingcarsnumberacarutimanufactured byfaedarzeashelp ofTata kotona2016-17Reprecentpie Ciagamseduchincass (2)shout naps on cos whomaenti15, 75, oroTalaluctos7,25,oooHyundai5, 50,000
Write names of some important index number.
What do you mean by explicit cost? Are the following included in it?1) Payment of wages to employees of the firm.2) Wages for entrepreneurs own labour.3) Depreciation Cost.4) Rent of entrepreneurs own building.5) Payment of electricity bill.Don't Spam❌
What are the techniques for measuring correction ?
What is data represented in tabular presentation?what are parts of a table?
If we increase the retention rate, than the price of the share will increase or decrease?
Oston 14 of 30In the assembly line balancing, cycle time (the ratio of available production time to scheduled production) is the
Why does each country need a representative on the World Stage? Why do countries need to collaborate and help each other? What do you think are the benefits of doing so?
America is called the "Melting Pot". Why do you think we have earned that nickname? What are the benefits of diversity within our country?
. For the circuit shown in Figure below, calculate the following:(Marks 12)(a) Total resistance across the source(b) Total current from the source(c) Current through 910 Ωthe resistor (d) Voltage from A to point B