ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: Seasonal Unemployment: The type of unemployment that is demonstrated by the lifeguard is referred to as seasonal unemployment.

Detailed explanation-2: -Example #1 Farmers working for the yield of these crops would be seasonally unemployed during the other time of the year. That means, when there is an off-season for one crop, the farmers are unemployed as they do not get to work on the field for any other purpose.

Detailed explanation-3: -Unemployment can be classified as frictional, cyclical, structural, or institutional.

Detailed explanation-4: -An example of cyclical unemployment is when construction workers were laid off during the Great Recession following the financial crisis of 2008. With the housing market struggling, construction of new homes fell dramatically, leading to a rise in cyclical unemployment for construction workers.

Detailed explanation-5: -For example, a worker who quits their job in anticipation of lining up another one or someone who has just entered the workforce after graduation would be considered frictionally unemployed.