Discuss 4 types of unemployment. Make it short
1. Frictional Unemployment: This type of unemployment occurs when individuals are temporarily in between jobs while looking for a new job or transitioning to a different career.
2. Structural Unemployment: Structural unemployment is caused by shifts in the economy that result in a mismatch between the skills of workers and the available jobs, leading to a long-term unemployment situation.
3. Cyclical Unemployment: Cyclical unemployment results from fluctuations in the business cycle, with increases in unemployment during economic downturns and decreases during periods of economic growth.
4. Seasonal Unemployment: Seasonal unemployment occurs when individuals are temporarily out of work due to changes in demand for goods or services during specific times of the year, such as holiday retail workers or agricultural workers during off-seasons.