Unemployment

Unemployment

by Patrick George from the Small business

There will always be some unemployed people because people sometimes change jobs for better salaries, seasonal work comes to an end or factories dismiss employees. We say that unemployment exists when people able to work are unable to find a suitable paid employment. Unemployed workers usually register at the local employment exchange from which employers can hire them. The unemployed are paid unemployment benefits. Economists say about full employment in the country when the rate of unemployment ranges between 5 and 6 percent.

Unemployment may happen for many reasons. When, for example, the number of tourists falls in winter, most hotel workers in Turkey ace jobless for that period. This is called seasonal unemployment.

When people change jobs or college graduates look for their first employment, this is called frictional unemployment.

Unemployment may be caused by important changes in the structure of consumer demand and in technology. For example, workers of our domestic plants producing airplanes find that their skills and experience are unwanted because Russia’s airplanes are not in demand. It is known as structural unemployment.

Cyclical unemployment exists when the total number of demanded workers falls because of economic recession. The Great Depression in the USA in 1930s is an example of cyclical unemployment.

*What is the unemployment rate now in Russia, Britain, Germany, the USA, China?

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