Types of Unemployment
- Economists distinguish between different types of unemployment to better understand the reasons and how to work against it:
- Frictional (job, career, locations switches - short term)
- Structural (mismatch of skills, mostly due to new technology the workers can't keep up with the requirements)
- Cyclical (changes with the health of the economy - spikes during recessions; drops during booms)
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Economics and politics student from Germany. Interested in a broad field of topics and trying to easily break down topics from his studies to everyone.
In this Mini-Series, we will talk about the key concepts of macroeconomics. I will shortly explain each concept in a respective post. This is part 2 of 5, govering the Unemployment Rate.
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