Questions and Answers
Which type of unemployment occurs when there is a mismatch between a worker's skills and the availability of jobs in the market?
Structural unemployment
Which type of unemployment is caused by the business cycle?
Cyclical unemployment
Which type of unemployment occurs when people lose their jobs due to advancements in technology?
Technological unemployment
Which type of unemployment is characterized by people being employed informally without proper job contracts?
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Which type of unemployment occurs when people are unemployed for a short span of time while searching for a new job?
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Study Notes
Types of Unemployment
- Structural Unemployment: Occurs when there is a mismatch between a worker's skills and the availability of jobs in the market.
Cyclical Unemployment
- Caused by the business cycle, which is the fluctuation in economic activity that occurs over time.
Technological Unemployment
- Occurs when people lose their jobs due to advancements in technology.
Informal Unemployment
- Characterized by people being employed informally without proper job contracts.
Frictional Unemployment
- Occurs when people are unemployed for a short span of time while searching for a new job.
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