Define unemployment and what are the different types of unemployment
Answers
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.
Read more on Brainly.in - https://brainly.in/question/4729178#readmoreplanation: