1. Unemployment
Unemployment is a situation in which a person is actively searching for employment but unable to find work
at the prevailing wage rate.
Open Unemployment, unemployed persons are identified as they remain without work.
Cyclical unemployment is a type of unemployment which is related to the cyclical trends in the industry or the
business cycle.
Concealed Unemployment, it is difficult to identify who are under employed; for many are employed below
their productive capacity and even if they are withdrawn from work the output will not diminish. It is also called
Disguised Unemployment or Under employment.
Frictional unemployment occurs when the workers choosing to leave their jobs in search of new ones and
workers entering the workforce for the first time constitute frictional unemployment.
Seasonal Unemployment, employment occurs only on a particular season supported by natural circumstances
and the remaining period of a year people are unemployed or partially employed.
