What is Frictional unemployment?
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Frictional unemployment:
- A condition when workers are not in a job and he or she is looking for work in better economy.
- It doesn’t matter the employee leave or fired. It is differentiated from a different type of unemployment.
- It is part of a normal turn over. It is unavoidable.
- It is one of components of natural employment. In growing economy, it is the slowest rate.
- The one important thing with frictional unemployment is it is not harmful to economy.
To learn more about Frictional unemployment:
How is frictional unemployment and natural rate of unemployment related?
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Define unemployment and what are the different types of unemployment
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Frictional unemployment can be defined as a form of unemployment that is completely dependent upon the situations of a person.
Explanation:
It is basically the time a person spends in searching for a suitable job or switching one job to another job. In other words, this situation prevails in an economy when people are too busy in searching and switching jobs rather than settling for a single opportunity.
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