Question

With the use of examples, explain any FIVE types of unemployment.

Identify and explain any FOUR (4) ways of overcoming inflation problem in a country.

Answer 1

Answer:

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Explanation:

Digging deeper, unemployment—both voluntary and involuntary—can be broken down into four types.

• Frictional unemployment.
• Cyclical unemployment.
• natural unemployment.
• long term unemployment.

Cyclical Unemployment

Cyclical unemployment is caused by the contraction phase of the business cycle. That's when the demand for goods and services falls dramatically. It forces businesses to lay off large numbers of workers to cut costs.

Frictional Unemployment

Frictional unemployment occurs when workers leave their old jobs but haven't yet found new ones.3 Most of the time, workers leave voluntarily, either because they need to move or have saved enough money to allow them to look for a better job.

Structural Unemployment

Structural unemployment exists when shifts occur in the economy that creates a mismatch between the skills workers have and the skills needed by employers.3

Natural Unemployment

Natural unemployment consists of two of the three main types of unemployment: frictional and structural. It explains why there will always be some level of unemployment, even in a healthy economy. People will always be changing jobs, and sometimes they leave a job before finding a new one. There will always be some people with skills that are no longer needed.

Long-Term Unemployment

Long-term unemployment occurs for those actively looking for a job for over 27 weeks.5 The effects are devastating. Many employers overlook someone who's been looking for that long. The emotional and financial costs can be very damaging, according to a Pew Research Survey.6 For example, 38% have lost self-respect. Almost 30% said their new job was worse than their old one. Sadly, 43% said they would have a hard time achieving their career goals.