1 answer

What are the types of unemployment? Explain each.

Question:

What are the types of unemployment? Explain each.


Answers

There are 4 types of unemployment in the market:

Frictional unemployment = This type of unemployment rises when the person has left the old job and looking for a new job in the market. Sooner or later he will be considered as employed again.

Structural unemployment = This situation arises when the person having a job in the are left unemployed due to changing skills requirement in the market, there existing skills are not relevant anymore.

Seasonal unemployment = This is when people find job in some period of time and remain unemployed in the rest of the period.

Cyclical unemployment = This unemployment is caused due to decrease in the demand in the market and increase in recession people lose their job.

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