The Labour Market, Forms of Unemployment

The there are three typical unemployment categories namely structural, cyclical as well as frictional form. Structural unemployment involves job requirements and skills mismatch. This is where the unemployed person lacks adequate or relevant skills to the available jobs. This type of unemployment is instigated by diverse economic changes as well as changing needs in the society. For instance, economic changes due to technological improvement may render some skills obsolete hence unemployment. Connectively, frictional unemployment results from inconsistencies between workers and employers due to misinformation. Basically, this form takes precedence where the unemployed person may be unwilling to take a job offer due to the provided remuneration or working conditions. Usually, the unemployed are not willing to take certain jobs due to varying personal factors.  On the other hand, cyclical unemployment arises from economic trends of a country. Every economy experiences cyclical periodical trends of expansion and contraction. During the contraction or recession phase, most economic sectors are sluggish and unproductive leading to lay-offs thus causing unemployment (Lindauer, 2013).

Forms of inflation

            The most typical forms of inflation include creeping inflation, galloping and hyper. Creeping inflation is gentle and is characterized by mild rise in prices, usually 3% within a year. This stimulates demand since consumers prefer to by more currently before prices hike again. Galloping inflation is an extreme of creeping inflation where prices rise with 10% or more within a year. This leads to monetary value loss and unstable economy. With this type of inflation, it is difficult to meet daily expenses with normal wage level. On the other hand, hyper inflation involves an exponential rise in prices of commodities. Prices rise with more than 50% within a….”

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