When Jim lost his job, he became unemployed and structurally unemployed.
A person is unemployed if he is within the working age, is willing and able to work but does not have a job.
Types of unemployment
- Structural unemployment: this type unemployment occurs when the skills a person has is no longer relevant in the economy. It occurs as a s result of changes in the economy. For example, technological advancement can make a person's job redundant.
- Frictional unemployment: this type of unemployment occurs from when a person leaves his current employment gets another job.
- Voluntary unemployment: a person decides not to work. For example, a factory worker might decide to stop working in order to become a fulltime student.
- Cyclical unemployment: it occurs as a result of fluctuations in the economy.
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