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There will never be zero unemployment, mainly because of the various conditions that exist in our dynamic economy
There will never be zero unemployment, mainly because of the various conditions that exist in our dynamic economy. Please name the four (4) types of unemployment that we discussed and briefly explain each.
Expert Solution
Answer-
There are four types of unemployment-
1. fricitional unemployment
It is a kind of unemployment which takes place due to change in job. Once a person leaves a job it takes him some time to get a new job, during that time he will be called as fricitinal unemployed.
2. Cyclical unemployment
It is a type of unemployment which takes place due to recession in the market or economical breakdown.
3. structural unemployment
It is a type of unemployment which takes place due to a change in technology and people become less valuable as they dont know how to use it.
4. Institutional unemployment
It is a type of unemployment that takes place due to permanent institutional factors in an economy.
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