Describe the following terms in your own words. Your answer should not be more than 6...

Describe the following terms in your own words. Your answer should not be more than 6 lines or 70 words maximum.

A. Unemployed. B. Participation rate. C. Unemployment rate. D. Frictional unemployment. E. Structural unemployment. F. Cyclical unemployment. G. Discouraged workers.

Solutions

Expert Solution

A. Unemployed : Unemployed is a person in an economy without having any job.

B. Participation rate: It is the sum total of all individuals in an economy who are currently

searching for a job or are already employed. Individuals who are not in the job market and are not trying to find a job are not counted for this purpose, namely, the homemakers, full time students, etc.

C. Unemployment rate : It is the percent of people/ share of individuals forming a part of the labour force who are currently jobless or unemployed.

D. Frictional unemployment : A category of unemployment for a certain time period where individuals are unemployed due to transition between jobs. It is also known as search unemployment.

E. Structural unemployment : It is another category of unemployment wherein the job skills required and the skills available with the job seekers do not match or are obsolete and hence the individual is unable to fetch a job. It maybe due to technological improvements in the economic and business landscape.

F. Cyclical unemployment : Category of unemployment wherein unemployment is caused due to economic cycle. It deals with unemployment caused due to low demand in the market due to lower economic growth, like during recession and so full employment is not feasible.

G. Discouraged workers : This is a worker or an individual who may or may not be actively seeking employment presently post long period of being unemployed, though still prefer working. This is a result of discouragement individuals feels due to long term unemployment and waste of their search efforts.

Rahul Sunny answered 2 months ago

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