Explain the different types of unemployment Related: Production Posibility Frontier - Economics

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Explain the different types of unemployment Related: Production Posib...

Frictional unemployment - These are typically recent graduates looking for their first jobs out of school. Frictional unemployment also refers to people in between jobs.

1 Seasonal unemployment - This refers to work that is not available year-round. In other words, people can only work during a certain season. Construction workers are an example of seasonal workers. They are often unemployed in the winter months.

2 Structural unemployment - This is the kind of unemployment caused by technological advancement. For example, the rise of the automobile led to people in the horse and carriage industries losing their jobs.

3 Cyclical unemployment - This type occurs during a recession. A drop in the demand for certain products and services results in workers being laid off until demand increases again. This kind of unemployment can be predicted by the rising and falling of the business cycle.

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