Officially, someone is considered unemployed if he/she is out of work, is willin
ID: 1225876 • Letter: O
Question
Officially, someone is considered unemployed if he/she is out of work, is willing and able to work, and is Workers that leave one job to search for another and job-seekers that have recently entered the labor force are considered to be unemployed. A person that must be retrained or relocated to be employed is considered to be unemployed. The type of unemployment associated with economic downturns and recessions is called unemployment. The rate of unemployment that occurs when the economy is at full employment is called the People who are willing and able to work but have given up actively seeking employment due to lack of success are called The major macroeconomic goals include, and economic growth. During inflationary periods, the purchasing power of the dollar. inflation occurs when the total (aggregate) demand for goods and services in the economy increases faster than the total (aggregate) supply of all goods and services.Explanation / Answer
Unemployment refers to a situation in which a person is willing and able to work at given wage rate but is not getting the work or is not able to find the work.
1. So, officially, someone is considered unemployed if he/she is out of work, is willing and able to work, and is not able to find the work.
A person in between jobs that is he has left or quit one job and is searching for another job is said to be frictionally unemployed.
2. So, workers that leave one job to search for another and job seekers that have recently entered the labor force are considered to be frictionally unemployed.
When a person is unemployed due to lack of skills and knowledge as required by the employers in a particular area then such person is said to be strucutrally unemployed. Retraining or relocation can make such person employable.
3. So, a person that must be retrained or relocated to be employed is considered to be structurally unemployed.
Unemployment created by the changes in business cycle is referred to as cyclical unemployment. Business cycle is nothing but the periodic phases of expansion and recession in economic conditions with in an economy.
4. So, the type of unemployment associated with economic downturns and recession is called cyclical unemployment.
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