Unemployment is a condition in which skilled and able individuals do not get gainful jobs at a decent wage. It is a situation where a person actively searches for employment but is unable to find work. The unemployment definition doesnt include people who leave the workforce for reasons such as retirement, going back to school, or personal reasons. The following are the types of unemployment:
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Frictional Unemployment: This type of unemployment occurs when people are in between jobs or are searching for their first job.
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Structural Unemployment: This type of unemployment occurs when there is a mismatch between the skills that workers have and the skills that employers need.
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Cyclical Unemployment: This type of unemployment occurs when there is a downturn in the business cycle, and companies lay off workers due to a decrease in demand for their products or services.
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Seasonal Unemployment: This type of unemployment occurs when people are employed in jobs that are only available during certain seasons, such as farming or tourism.
In India, educated unemployment is a peculiar problem because a large number of youth with higher education degrees are unemployed.
