Unemployment is defined as a state of worklessness for a person who is fit and willing to work at the current wage rate. It is a condition of involuntary and not voluntary idleness. Explain different types of unemployment in the light of above statement.
Answers
Explanation:
Unemployment can be defined as a state of workless ness for a person who is fit and willing to work at the current wage rate. It is a condition of involuntary and not voluntary idleness. ... It is the involuntary idleness that constitutes unemployment.
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Answer:
There are four types of unemployment:
- demand deficient unemployment
- frictional unemployment
- structural unemployment
- voluntary unemployment
Explanation:
Unemployment:
When someone is actively looking for work and is considered to be employable, they are said to be unemployed. People in the workforce who are employed but do not have suitable jobs are included in this group.
- Demand deficient unemployment:
The main reason for unemployment that frequently occurs during a recession is demand deficit unemployment. When businesses encounter a decline in the demand for their goods or services, they react by reducing their production, necessitating a decrease in their internal personnel.
- Frictional unemployment:
The term "frictional unemployment" describes workers who are between jobs.
- Structural unemployment:
When a worker's skill set falls short of the requirements of the jobs that are open, or alternately, when employees are available but are unable to travel to the locations where the opportunities are located, structural unemployment results.
- Voluntary unemployment:
When a worker decides to leave a job because it is no longer financially viable, this is known as voluntary unemployment.
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