Elucidate types of unemployment
Elucidate types of unemployment?
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Types of unemployment
1. Frictional unemployment consists of those searching for jobs or waiting to take jobs soon; it is regarded as somewhat desirable, because it indicates that there is mobility as people change or seek jobs.
2. Structural unemployment: due to changes in the structure of demand for labor; e.g., when certain skills become obsolete or geographic distribution of jobs changes.
a. Glass blowers were replaced by bottle-making machines.
b. Oil-field workers were displaced when oil demand fell in 1980s.
c. Airline mergers displaced many airline workers in 1980s.
d. Foreign competition has led to downsizing in U.S. industry and loss of jobs.
e. Military cutbacks have led to displacement of workers in military-related industries.
3. Cyclical unemployment is caused by the recession phase of the business cycle, which is sometimes called deficient demand unemployment.
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After agonizing regarding whether to buy a hot dog or a hamburger along with his last dollar while he goes to the fair, Jeeter at last chooses the hot dog. The hamburger shows Jeeter's: (i) normative choice, because it would be more nutritious. (ii) opportunity cost o
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