ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cyclical
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Structural
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Either A or B
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None of the above
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Detailed explanation-1: -Technological unemployment is the loss of jobs caused by technological change. It is a key type of structural unemployment.
Detailed explanation-2: -For example, employees who produce a specialty clothing product that suddenly is no longer a trend might lose their position producing this specific product, causing structural unemployment.
Detailed explanation-3: -Frictional Unemployment-when there is unemployment due to breakdown of machines, strikes, shortage of raw materials, power failure etc it is frictional unemployment. This type of unemployment is temporary.
Detailed explanation-4: -Structural unemployment is a form of involuntary unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers (also known as the skills gap).