ECO 102 UNEMPLOYMENT

Unemployment

Unemployment is an economic condition marked by the fact that individuals actively seeking for jobs and able to work remain without a job

Full employment

When there are more jobs than people

Frictional unemployment

Mismatch between employers and employees, takes time to find a job or move from one job to another.

Structural unemployment

Longterm changes in the pattern of supply and demand in the economy. There is a mismatch between job requirements and workers qualifications.

Seasonal unemployment

Temporary and occurs in certain industries where economic activity is in certain periods or seasons such as tourism, agriculture and construction

Cyclical unemployment

Unemployment occurs when a slump or recession in the economy gives rise to unemployment.