Question

state the meaning of unemployment and discuss its type ​

Answer 1

Answer:

it refers to the condition in which people are willing to work at going wages

Answer 2

your answer

What is Unemployment?

Unemployment is a term referring to individuals who are employable and seeking a job but are unable to find a job. Furthermore, it is those people in the workforce or pool of people who are available for work that does not have a job. Usually measured by the unemployment rate, which is dividing the number of unemployed people by the total number of people in the workforce, unemployment serves as one of the indicators of an economy’s status.

There are three main types of unemployment: structural, frictional, and cyclical. The first two make up the natural unemployment rate. The third rises when demand falls, usually during a recession. Some economists define as many as six additional types of unemployment, such as seasonal and classical.

This article summarizes the nine types of unemployment, including explanations of the terms 'real unemployment' and 'underemployment.' Links to more detailed articles are included in case you would like to know more. In addition, find out how unemployment is measured and why some experts say it doesn't capture the real unemployment rate, and learn how U.S. unemployment has fluctuated over time.

01 Natural Unemployment

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Photo: rubberball/Getty Images

There will always be some level of unemployment, even in a healthy economy.

The lowest level of unemployment was 2.5 percent, right after the Korean War. This was an economic bubble that soon led to a recession. The natural unemployment rate of 4.5 to 5 percent is a healthier indicator.

Natural unemployment consists of two of the three main types of unemployment: frictional and structural.

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