Economics Homework Help

What are the three types of unemployment? Unemployment is seen by some as undesirable. Are all three types of unemployment undesirable? Could the advent of the Internet completely eliminate frictional unemployment? Are all three types of unemployment undesirable? 

Hello Everyone,As fellow college students, when it gets close to finishing your degree there is an important question that a lot of college students ask themselves, “will I be able to find a job?”. Now most of us in this class are already employed either through the government or private sector. But what will the future hold for you when you finish your degree?  Will you be able to find a job that matches it or will you have to continue in your current line of work and wait to find the matching job? During this week we focused on unemployment for the lesson. Unemployment for the most part everyone understands.  It is someone who doesn’t have a job but is actively looking for work. However, within the general concept of unemployment, there are three different kinds and they are; structural, frictional, and cyclical. First, let’s start with structural unemployment.Structural unemployment is simply when a worker’s skills become obsolete as the world and economy change. A good example of this is a typist after the computer was invented and put into the economy. When computers started taking over the market, it left the typist either without a job or in some cases having to get retrained to keep their current job. Some people might think that this type of unemployment is undesired, however, I think that it is beneficial. For one, it allows the mismatched skill employees the opportunity to retrain, in turn making them more marketable, while also allowing new labor to enter the workforce assuming the new labor is up to speed on the new technology.The second type of unemployment is frictional which is a time when the unemployed is looking for a job and the company is looking for a worker. A college student who has just graduated and companies looking for workers with the same degree as the college student is an example of this type of unemployment. I think that this is also a good type of unemployment as long as the period is not too long. If the world was perfect then everyone would be able to find a job instantly. But, the reality of it is that there will always be some form of frictional unemployment in the economy. Now, the world has become a lot small with the invention of the internet, so that period when companies and the unemployed are seeking each other, I feel, has been shortened but not eliminated. The reason I say this is because everyone and every company can’t know everything going on in the world simultaneously.The last type is cyclical which is a little more difficult to explain. There is a natural motion to the level of employment and like the waves of the ocean, the employment goes up for some time and then goes down. The problem starts when unemployment goes above the natural employment line, this, in a nutshell, is cyclical unemployment. To me, this is undesirable as it shows that more people are looking for jobs while the companies are looking for fewer workers.Robert I need you to respond to this 

Hello class,Unemployment is defined as actively looking for work but is unable to find work. Many people who are considered unemployed also collect unemployment insurance while they look for work. Individuals who can collect unemployment insurance must first qualify. The unemployment rate is measured by dividing the number of unemployed people by the number of people in the labor force. There are 3 types on unemployment.Structural Unemployment- This is when a person’s skill does not match the skills that is currently needed for the jobs in demand at the moment. It is also when new technology replaces individuals or when a job becomes available in a place or region that is not easily accessible. For example, the self-checkout lanes that has now taken over most stores and replaced dozens of employees.Fractional Unemployment- defines individuals who are between jobs. A person who recently lost or quit a job but is actively looking for something that is better than their job before. These individuals or workplaces are making sure the next opportunity is the perfect fit. It is also not considered undesirable unemployment because the time in between jobs is not prolonged. This can also be a person who has just finished schooling or training.Cyclical Unemployment or Involuntary Unemployment- This type of unemployment happens as a direct result of how the economy is doing. When the economy is doing good and there is a high demand for goods and services there is a decrease in cyclical unemployment and when there is a drop in demand there is an increase in cyclical unemployment. Basically, with high demands more workers are needed and during a time like a recession when the demands are low employers lay off workers.All three time of unemployment are not undesirable, but they can be depending on how long the unemployment takes place. Being unemployed for a long time can have a lasting effect on someone’s mental state. It can get in the way of their career, and it can bring on major financial issues.kelishaCyclical Unemployment. (2021). Retrieved 23 September 2021, from https://corporatefinanceinstitute.com/resources/knowledge/economics/cyclical-unemployment/Unemployment. (2021). Retrieved 23 September 2021, from https://corporatefinanceinstitute.com/resources/knowledge/economics/unemployment/and respond to this