Question

What do you mean by unemployment?What are its kind ?Explain?

Answer 1

Unemployment is a situation where in the person willing to work fails to find a job that earns them living. Unemployment means lack of employment. In simple way, unemployment means the state of being unemployed.

TYPES

Structural Unemployment

Structural unemployment is one of the main types of unemployment within an economic system. It focuses on the structural problems within an economy and inefficiencies in labor markets. Structural unemployment occurs when a labor market is not able to provide jobs for everyone who is seeking employment. There is a mismatch between the skills of the unemployed workers and the skills needed for the jobs that are available. It is often impacted by persistent cyclical unemployment. For example, when an economy experiences long-term unemployment individuals become frustrated and their skills become obsolete. As a result, when the economy recovers they may not fit the requirements of new jobs due to their inactivity .

Frictional Unemployment

Frictional unemployment is another type of unemployment within an economy. It is the time period between jobs when a worker is searching for or transitioning from one job to another. Frictional unemployment is always present to some degree in an economy. It occurs when there is a mismatch between the workers and jobs. The mismatch can be related to skills, payment, work time, location, seasonal industries, attitude, taste, and other factors. Frictional unemployment is influenced by voluntary decisions to work based on each individual's valuation of their own work and how that compares to current wage rates as well as the time and effort required to find a job.

Cyclical Unemployment

Cyclical unemployment is a type of unemployment that occurs when there is not enough aggregate demand in the economy to provide jobs for everyone who wants to work. In an economy, demand for most goods falls, less production is needed, and less workers are needed. With cyclical unemployment the number of unemployed workers is greater that the number of job vacancies.

Types of Unemployment: Frictional, Structural, Cyclical - Boundless Open Textbook

Answer 2

Answer:

Unemployment is a situation when people, who are willing to work at the existing wedges, are not able to find jobs for themselves.

General there are three types of unemployment:

1) Seasonal unemployment is a situation when people are not able to find jobs during the particular months of the year especially in agriculture.

2) Disguised unemployment is a situation when people appear to be employed but in reality they are not.

3) Educated unemployment means unemployment among the educated people. It usually occurs in cities where they are educated or skilled people but no job opportunities.