4 Types of Unemployment
1. Frictional- I'm a first-time job seeker and lack the resources for finding a company that has a job that is suitable for me. As a result I do not go into a job, holding out for the better-paying one.
2. Structural- I am very skilled at fixing machinery. A factory has fired workers, replacing them with machines, which do the job faster and more efficiently. A job has now opened for me to fix these machines when they break down or install new ones.
3. Cyclical- I am looking for a job. A business that I am looking at is not hiring because there is not enough demand for labor and I have to wait a long time to get a job there.
4. Seasonal- I am a lifegaurd and don't have a job in the winter. I am unemployed during the cold season and employed during the warm season.