Question

Explain unemployment and discuss its type

Answer 1

Answer:

• Unemployment means a situation when all able and willing persons of a country do not get suitable opportunities to work.
• Unemployment negatively impacts the economy of the country. This is because unemployment creates a feeling of hopelessness and depression among unemployed people. Unemployment results in the wastage of human resource as people are not involved in any kind of productive activities. This makes them a liability for the nation.
• Generally, any person who is not gainfully employed in any productive activity is called unemployed. Unemployment may be frictional unemployment, structural unemployment, cyclical unemployment, and voluntary and involuntary unemployment.

There are basically four types of unemployment: (1) demand deficient, (2) frictional, (3) structural, and (4) voluntary unemployment.

Answer 2

There are basically four types of unemployment: (1) demand deficient, (2) frictional, (3) structural, and (4) voluntary unemployment.

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