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Questions and Answers
What is Frictional Unemployment?
What is Frictional Unemployment?
- Unemployment due to seasonal trends
- When workers leave their jobs to find better ones (correct)
- Unemployment due to contractions in the economy
- Mismatch between the jobs available and the skill levels of the unemployed
What is Structural Unemployment?
What is Structural Unemployment?
Mismatch between the jobs available and the skill levels of the unemployed
What is Seasonal Unemployment?
What is Seasonal Unemployment?
Unemployment due to seasonal trends
What is Cyclical Unemployment?
What is Cyclical Unemployment?
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Study Notes
Types of Unemployment
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Frictional Unemployment
- Occurs when individuals leave their jobs voluntarily in search of improved opportunities.
- Includes recent graduates entering the workforce or workers relocating for better positions.
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Structural Unemployment
- Arises from a disconnect between the available jobs and the skills possessed by job seekers.
- Can result from technological advancements, globalization, or shifts in market demand.
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Seasonal Unemployment
- Linked to fluctuations in demand based on seasonal patterns.
- Common in industries like agriculture and tourism, where employment varies throughout the year.
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Cyclical Unemployment
- Caused by economic downturns or contractions, leading to reduced demand for labor.
- Engages a larger economic context, with job losses typically rising during recessions.
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