Question

व्हाट आर द वेरियस फॉर्म्स ऑफ अनइंप्लॉयमेंट​

Answer 1

Answer:

There are 4 types of Unemployment

1) Frictional

2) Cyclic

3) Demand Deficient

4) Voluntary

1) Frictional Unemployment

The unemployment which exists in any economy due to the people being in the process of moving from one jobs to another.

simply when workers leave their old jobs but haven't yet found new one.

2.Cyclical Unemployment

Caused by the contraction phase of the business cycle.

It is the components of overall unemployment that results directly from cycle of economic upturn and downturn.

3.Demand Defficient

It occurs when there is insufficient demands in the economy to maintain full employment. This casuse a lack of aggregate demand,with insufficient demands to generate full employment.

4. Voluntary unemployment

People choosing to stay on benefits

Answer 2

Types of Unemployment

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

1. Demand deficient unemployment

Demand deficit unemployment is the biggest cause of unemployment that typically happens during a recession. When companies experience a reduction in the demand for their products or services, they respond by cutting back on their production, making it necessary to reduce their workforce within the organization. In effect, workers are laid off.

2. Frictional unemployment

Frictional unemployment refers to those workers who are in between jobs. An example is a worker who recently quit or was fired and is looking for a job in an economy that is not experiencing a recession. It is not an unhealthy thing because it is usually caused by workers trying to find a job that is most suitable to their skills.

3. Structural unemployment

Structural unemployment happens when the skills set of a worker does not match the skills demanded by the jobs available, or alternatively when workers are available but are unable to reach the geographical location of the jobs.

An example is a teaching job that requires relocation to China, but the worker cannot secure a work visa due to certain visa restrictions. It can also happen when there is a technological change in the organization, such as workflow automation that displaces the need for human labor.

4. Voluntary unemployment

Voluntary unemployment happens when a worker decides to leave a job because it is no longer financially compelling. An example is a worker whose take-home pay is less than his or her cost of living.

Causes of Unemployment

Unemployment is caused by various reasons that come from both the demand side, or employer, and the supply side, or the worker.

Demand-side reductions may be caused by high interest rates, global recession, and financial crisis. From the supply side, frictional unemployment and structural employment play a great role.

Effects

The impact of unemployment can be felt by both the workers and the national economy and can cause a ripple effect.

Unemployment causes workers to suffer financial hardship that impacts families, relationships, and communities. When it happens, consumer spending, which is one of an economy’s key drivers of growth, goes down, leading to a recession or even a depression when left unaddressed.

Unemployment results in reduced demand, consumption, and buying power, which in turn causes lower profits for businesses and leads to budget cuts and workforce reductions. It creates a cycle that goes on and on that is difficult to reverse without some type of intervention.