Question: Question 3 a) Describe using examples the three types of unemployment we generally come across and which of th? Edit
Answer: 1. Frictional Unemployment: It is the unemployment which occurs when workers take time from shifting from one job to another. Example, the period of time a student waits between finishing his education and joining a job.
2. Cyclical Unemployment: This unemployment occurs during the cyclical trends in growth and production during business cycles. Example, during an economic recession, like the recent one, instead of cutting wages or reducing prices, most companies responded by laying off workers.
3. Structural Unemployment: Unemployment resulting from changes in the basic composition of the economy. However, this unemployment usually is skills based. Example: as computers started eliminating some jobs and increasing unemployment, they also increased employment for those who had a skill set related to computers. Edit
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