Unemployment refers to the situation in which people who are willing and able to work are unable to find jobs. There are various types of unemployment:
1. Frictional unemployment: This type of unemployment occurs when workers are in between jobs or are seeking new employment opportunities.
2. Structural unemployment: This type of unemployment occurs when there is a mismatch between the skills and qualifications of workers and the jobs available in the market.
3. Cyclical unemployment: This type of unemployment occurs due to fluctuations in the economy and business cycles. During economic downturns, companies may reduce their workforce leading to unemployment.
4. Seasonal unemployment: This type of unemployment occurs when certain jobs are available for only a specific time of the year, such as agriculture or tourism.
5. Technological unemployment: This type of unemployment occurs when new technology and automation replace human labor, leading to job losses.
Unemployment can have negative effects on individuals, families, and society as a whole, including financial struggles, mental health issues, and increased crime rates.
Nature of unemployment
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