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An Analysis of Different Types of Unemployment and Their Impact on the Economy

This assignment analyzes various types of unemployment and their economic impact using statistical methods.

Amelia Davis
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An Analysis of Different Types of Unemployment and Their Impact on theEconomyWhat are the different types of unemployment? How do they affect the economy in terms of growth, laborforce, and price of labor?Cite specific examples to support yourresponse.What are the different types of unemployment?There are four types of unemployment:Structural unemployment–depends on the social needs of the economyand dynamic changes in the economy.Frictional Unemployment–caused because unemployed workers may notalways take the first job they are offered because of wages and thenecessary skills needed.Cyclical Unemployment–an economy has the capacity to create jobswhich increases economic growth. An expanding economy usually haslower levels of unemployment.Seasonal Unemployment–there are certain types of unemployment thattends to concentrate in a particular time of the year and this is known asseasonal unemployment.How do they affect the economy in terms of growth, labor force, andprice of labor?Structural unemployment-.Example; advances in technology and changesin market conditions often turn many skills obsolete, this typically increasesthe unemployment rate.Frictional Unemployment–this type ofunemployment can also be causedby failing firms, poor job performance, or obsolete job skills.Usuallysomeone out of work, it takes time to find future employment, the timespent out of work is frictional unemployment.Cyclical Unemployment–an economy that is in a recession faces higherlevels of unemployment.

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Economics

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