The reasons for unemployment include:
- A recession: when there is a recession, the level of output in the economy is low. As a result, there would be less jobs available.
- low level of wages. When the wages paid to labor is too low, it might discourage people from working.
- war. When there is a war, economic activities would be disrupted. This would lead to job loss.
What is unemployment?
Unemployment is when people who are willing and able to get are job are without jobs. Types of unemployment include:
- Frictional unemployment
- Voluntary unemployment
- Structural unemployment
- Cyclical unemployment
When there is a recession, the level of output would be depressed. As a result, unemployment would increase.
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