im having a hard time understanding this and just really confused on how this plays a part in general unemployment.
In: Economics
People quit their job to look for a better job.
People graduate from college without a job.
There are times when people do not have a job but will get a job soon.
There are four types of unemployment.
Seasonal- ski instructors and teachers do something different in the summer.
Cyclical- business cycle related, all boats rising and falling together ect.
Structural- learn to code, whoops, a robot does that now.
And lastly frictional – I am between jobs, I quit my job on Monday and don’t start my next one until February. I just graduated school and trying to find my first job.
Frictional happens no matter what, in an economy someone will be unemployed no matter what and that is frictional.
It’s basically the thought that there will always be unemployment that’s unrelated to economy, status, etc. Just that there will always be natural situations in which people are looking for jobs that can’t be contributed to anything beyond that. People move and/or look for better opportunities, so there will never be 0 people looking for work, no matter what situation you’d like to discuss.
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