Concept of Unemployment As a Huge Factor Influencing the Labor Market

Unemployment is a situation in which persons of working age, able and willing to work are unable to find paid employment. In other words, unemployment refers to a situation in which people who are capable of working and who are qualified by age to work cannot find employment. Unemployment rate is denoted by the symbol 'U' and it is represented by the formula:

U = Number of unemployed persons X 100%

Working population or labor force

Types of unemployment

1. Structural unemployment: this is the type of unemployment which arises as a result of changes in the pattern of demand of certain commodity. If the demand is low, it could lead to industries reducing their workforce and this eventually results in structural unemployment.

2. Seasonal unemployment: This is the type of unemployment which takes place in industries whose production is subject to seasonal variations. In other words, there are certain seasons for production. When such industries are off season, i.e, not in production. very few workers are required leading to unemployment.

3. Mass unemployment: Mass unemployment is the type of unemployment which affects many occupations and industries at the same time. It is caused as a result of decrease or fall in the quantity of goods demanded. The industries so affected will embark on retrenchment of workers leading to unemployment. Mass unemployment is also known as cyclical or deficient unemployment.

4. Under employment: This is the type of unemployment which occurs when an individual works at less than his full capacity to that his productivity is below the maximum. Under-employment occurs when a worker is not working in his full capacity.

5. Frictional unemployment: This is the type of unemployment which occurs as a result of changes in the techniques of production. Due to advancement in technology, machines are introduced in production, which tend to replace labor and this can lead to retrenchment of workers. Frictional unemployment.

6. Voluntary unemployment: Voluntary unemployment occurs when a worker deliberately refuses to take up paid employment even though employment opportunities are available, they may be receiving unemployment benefits from government, the available jobs may not be attractive etc.

7. Residual unemployment: This is the type of unemployment that arises as a result of physical or mental disabilities. Those who are disabled, and are not capable of working, fall into this group.

8. Casual unemployment: This is the type of unemployment which involves jobs that are not permanent. This is common with the unskilled type of labor eg, part time jobs.

unemployment is has a very negative influence to the nation's economy as you have the human resources roaming about the streets. Some of them who are not smart enough may not be creative enough to be self-employed and this can make a nation's economy stagnant or even fall down. In developing nations, high crime rates emerge due to this.

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