Which type of unemployment is defined as people losing their jobs because their skill is no longer in demand?

I believe the answer is: Structural unemployment

Structural unemployment refers to a type of employment that caused by industrial reorganization rather than the result of market competition.
Example of structural unemployment would be producer of flip phones that went bankrupt due to technological change that enable smart phones.

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Ritushar Ritushar · Answer 2 · 2019-09-14T15:57:55+02:00

Structural unemployment is a type of unemployment where people lose their jobs because their skill is no longer in demand.

Further Explanation:

Structural unemployment:

Structural unemployment exists when there is a no match between the need of the business and the skill set of the workers. Generally, this type of unemployment occurs when new technology takes places an existing process method. When the existing workers are not competent to use the new technology then their skills are not required. This situation results in structural unemployment.

In the current case, people are losing their jobs because there is no longer a demand for their skills. The use of new skill set or the replacement of the human skills with the computer skills can be the reason behind the loss in the demand.

Thus, when people lose their jobs because of the decrease in the demand for their skills is known as structural unemployment.

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Answer details:

Grade: Senior School

Subject: Economics

Chapter: Income & Employment

Keywords: Which, type of, unemployment is, defined as, people losing, their jobs, because, their, skill, is no, longer in, demand, employment, economics, business.