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Types of Unemployment?
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| General or Cyclical Unemployment It occurs when economy goes through the business cycle. For example, during economic recession, employment level will fall. Structural Unemployment It occurs when long-term changes in the conditions of an industry occur. For example, the widely use of computer in companies will displace those that do not equip with the relevant skills and knowledge. Frictional Unemployment This type of employment is usually temporary. Usually caused by lack of knowledge about job opportunity and results in difficulty in matching of jobs quickly. Seasonal Unemployment At certain times of the year, there is relatively greater demand for particular forms of labour. For example, during Christmas season, retailers are likely to require more shop assistants. |
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