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Unemployment refers to the condition of individuals who are willing and able to work but are unable to find a paying job. It is a critical economic indicator that reflects the health of an economy and the labor market. There are several types of unemployment:
Frictional Unemployment: This occurs when individuals are between jobs or transitioning from one job to another. It is typically short-term and occurs even in a healthy economy with low unemployment rates.
Structural Unemployment: This results from a mismatch between the skills workers possess and the skills demanded by employers. It can be caused by technological changes, shifts in consumer preferences, or geographical mismatches between job opportunities and where people live.
Cyclical Unemployment: This type of unemployment rises during economic downturns or recessions when overall demand for goods and services declines, leading to reduced demand for labor. It tends to decrease during periods of economic growth and expansion.
Seasonal Unemployment: Occurs when industries or jobs are dependent on seasonal factors, such as agriculture, tourism, or construction. Workers in these sectors may be temporarily unemployed during off-seasons.
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