Unemployment occurs when people who are able and willing to work are unable to find a suitable job for a tangible period of time.
Types of Unemployment
This type of unemployment is caused by industrial friction. There are jobs but people cannot fill them because they do not have the skills or are unaware of the existence of the jobs. This occurs due to ignorance, immobility of labour, shortage of raw materials, breakdown in machinery, etc.
This type of unemployment is caused by old age, physical or mental disability, irresponsible attitude towards the job, and inadequate training.
This type of unemployment is caused by the shift in the country’s economy, causing a mismatch between the skills required by the employers and the skills proposed by employees.
It is as a result of a decrease in the demand for goods and services. It is often caused by the economic recession or situation that forces companies to lay off workers in order to reduce costs.
It is caused by the constant technological changes that have increased mechanisation of production. This results in reduced demand for man-power and displacement of human labour.