List the types of unemployment that can exist in a society. During the COVID-19 pandemic what...

List the types of unemployment that can exist in a society.

During the COVID-19 pandemic what type of unemployment do we expect to be prevalent?

150 words minimum

Expert Solution

There are generally four type of unemployment.

Structural unemployment = This type of unemployment occurs when the skill of a worker does not match the skills demands for the job available.

Frictional unemployment = This type of unemployment occurs when people being in the process of moving from one job to another.

cyclical unemployment= This type of unemployment occurs when economy faces the slow down or the overall demands fo goods and service in the economy starts decreasing.

Seaosonal unemployment = This type of unemployment occurs when demand for a workers redcues due to change in season. For example in agriculture industry where the demand for workers is more during the harvesting season.

During the Covid 19 pandemic the cyclical unemploymet to be prevelant. Because most of the countries in the world faces the slow down, all their businesses and production process stop, due to nation wide lockdown. The demand for goods and services is also decreasing, because people buy only those goods or commodities which are necessary for their life. The manufacturing and automobile sector has stand still in most of major countries.

Rahul Sunny answered 2 years ago

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