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What are the social costs of unemployment Can unemployment ever be completely cured Unemployment is what occurs when a person is seeking employment while lacking a job It occurs all over the world in every economy and government It has various effects which affect amny lives Unemployment itself can be broken down into four main different types Firstly there is frictional unemployment which is always present in a economy It is a short duration unemlpoyment It is caused by many workers who do not go from one job immediatly to the next They spend some time unemloyed a few weeks This unemployment can be up to eight weeks that a person is not working The there is also seasonal unemployment It is caused by changes in demand for workers at different times of the year For example in the building industry very few workers are emloyed during the wimter months Cyclical Unemployment occurs when workers and factories lie idle due to insufficient spending in the economy to make use of all the factors of production When the resulting unemployment is cyclical then it is said that the economy is in recession The there is also structural unemloyment It occurs when firms andor industries are run down and no new industry steps up to take up the workers which have been made unemployed Therfore it is caused by a lack or insufficient capital in the economy For example factories offices machiunes There is also hidden or concealed unemplorment which is not as important yet it exists It is workers who are unemployed but not are counted as unemployed in the statistics For example young people in youth training When unemployment occurs the people who are mostly affected are the unemployed themselves even though this is not seen as a social cost but as a private cost in does in turn lead to a social cost Due
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