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unemployment: when number of workers able and willing to work exceeds…
unemployment: when number of workers able and willing to work exceeds number of jojbs/when supply of labour exceeds demand for labour in labour market
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4 types of unemployment:
- Cyclical----basing on a business cycle//recession is a cause of this unemployment
- frictional-workers temporarily transiting between jobs, undergraduates looking for new job E.G
- seasonal--i lost a job because my job was only for the christmas season, i lost the job because winter/Christmas season is over
- structural--employees are unemployed because they lack certain skills. For example I was from a baking job but switched to the job on being an electrician which i do not have the skill for
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