Examine the many forms of unemployment (frictional, structural, and cyclical) and the effects each has on businesses. Are any of the three categories of unemployment inadequate? Explain.
Examine the many forms of
Unemployment is defined as a situation where in an economy the people living in the country who are willing to work and able to work are not getting work as per qualifications. Unemployment in an economy is a sign of backwardness of the economy, When the citizens of the country are not getting work as a result the production in the economy is less and slow resulting in economic growth and development being slow or less.
Unemployment is of two major types:
- voluntary unemployment
- involuntary unemployment
Voluntary unemployment is when the person is willingly not working and wants to stay unemployed. The type of voluntary unemployment is:
- Frictional
Involuntary unemployment is when the person is willing to work but is not getting work. Voluntary employment is of the following types:
- structural
- cyclical
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