Provide examples (not cited in

Provide examples (not cited in the text) of the three types ofunemployment and the “solution” to each type. (For example, atypewriter repairperson is structurally unemployed and must trainfor new skills.) Why is full employment never zero-percentunemployment?

Answer:

1) Cyclical unemployment occurs when workers become unemployedbecause of downturns in business cycle.

Example – Housing market. During a period of collapse of housingmarket, which is a labor and materials intensive market, it causestremendous recession. All construction workers, real estate agents,carpenters, plumbers and workers who are related to housing Marketbecome unemployed at once.

Solution- FED can apply expansionary monetary policy bydecreasing interest rate and increasing money supply to increasedemand and restore the housing Market.

2) Structural unemployment – It occurs due to mismatch of skillsbetween available jobs and unemployed person.

Example- If a shoe manufacturing firm shuts down, all of it’sworkers become unemployed. They can’t get jobs in other sectors,which has different skills requirements and thus remainsstructurally unemployed. For example, they can’t get jobs in carmanufacturing industries.

Solution- Training for new skills and acquiring new skills willhelp them get employed in other sectors.

3) Frictional unemployment- It occurs due to the tendency ofpeople of moving between one job to another.

Example – A first time job seeker.

Solution – If that worker is paid a high salary by his employer,he will loose his incentive to find new job or move betweenjobs.

• Full employment refers that every available workers willing towork at given wage rate is able to get a job. But still in thissituation, unemployment can’t be 0? because there is inevitablysome frictional unemployment. This occurs because people take timeto find the best suitable jobs for them or because they havetendency to move between jobs.


 
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