Unemployment

UNEMPLOYMENT

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University Unemployment rate is defined as the percentage of persons looking for a job but did not secure work for the last month (3 weeks ) within the labor force . In other words Unemployment rate can be referred to as the ratio of the labor force that is not engaged in employment . The person considered to be unemployed must have the requirements for the employment like be of sound heath and searching and willing to work

There are different forms of unemployment that can

occur in an economy include

Cyclical unemployment results from the business cycles of economy of boom , recession , depression and recovery . During recessional times there is reduced demand for goods and services by consumers . Seasonal unemployment usually occurs in economies activities that are seasonal in nature especially agriculture like planting and harvesting season Structural employment occurs when employees do not have the skills to match job requirements . The workers who possess the required skills may be far from the potential employing firm . Unemployment reflects unutilized resources in the economy

The activity involved in work and that are unemployed and looking for work in the last three weeks . The labor supply is the number of individual who are willing to supply their efforts at work given the prevailing wages in the labour markets . Even at full employment level of the resources in the economy that is land , capital and labor there is...