ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Seasonal unemployment happens when people are not able to find jobs during some months of the year. In case of disguised unemployment, people appear to be employed. Unemployment leads to wastage of manpower resource. People who are an asset for the economy turn into a liability.

Detailed explanation-2: -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-3: -Disguised unemployment is unemployment that does not affect aggregate economic output. It occurs when productivity is low and too many workers are filling too few jobs. It can refer to any part of the population that is not employed at full capacity.

Detailed explanation-4: -Structural unemployment is a direct result of shifts in the economy, including changes in technology or declines in an industry.