"Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period."
A state of lack of work opportunities for people who are willing and able to work, which leads to a variety of social problems.
Types of Unemployment: This covers the different forms of unemployment, such as structural, cyclical, frictional, and seasonal unemployment.
Unemployment Rate: This involves the percentage of the labor force that is currently jobless but actively seeking work.
Causes of Unemployment: This covers the reasons why people become unemployed, including economic downturns, technological changes, government policies, and labor market inefficiencies.
Effects of Unemployment: This describes the social and economic consequences of unemployment, such as poverty, crime, and social exclusion.
Unemployment Insurance: This involves government programs that offer financial assistance to people who are unemployed, as well as the benefits and drawbacks of such schemes.
Labor Force Participation Rate: This refers to the proportion of the population that is currently in the labor market, whether employed or unemployed.
Impact of Globalization on Unemployment: This covers the effects of international trade and competition on local labor markets, and the resulting unemployment and job displacement.
Technology and Unemployment: This explores the relationship between technological advancements and workforce automation, and the effects on job availability and job security.
Unemployment and Mental Health: This describes the psychological impact of unemployment on individuals and families, including depression, anxiety, and stress.
Policies to Reduce Unemployment: This covers government policies, economic programs, and initiatives that aim to reduce unemployment, such as education and training programs, and job creation schemes.
Frictional unemployment: This is unemployment that occurs when people lose their jobs temporarily as they search for a new job that matches their skills and abilities.
Structural unemployment: Structural unemployment occurs as a result of changes in the economy, including technological advancements, shifts in consumer preferences, or a decline in a particular industry.
Cyclical unemployment: This type of unemployment is caused by a downturn in the economy, such as a recession. It happens when businesses cut back on employees and there is a lack of job opportunities.
Seasonal unemployment: This type of unemployment is caused by variations in seasonal demand for labor. Workers who have jobs that are predominately related to a particular season can experience seasonal unemployment when their work is not needed during other months.
Hidden unemployment: This type of unemployment is not accounted in official employment statistics. It can occur when people who are actively seeking work are not included in the labor force, either because they have given up searching for a job or they are underemployed.
Voluntary unemployment: Voluntary unemployment occurs when someone chooses to be unemployed because they are satisfied with their current financial situation, going to school, or taking care of children or other family members.
Underemployment: This occurs when individuals work in jobs that are below their skill set, training, or educational level. They are either not fully utilizing their capabilities or not earning a salary that reflects their qualifications.
Technological Unemployment: When jobs are replaced by machines or algorithms, people might experience technological unemployment.
Low Wage Unemployment: This occurs when job seekers are willing to work, but unable to earn a living wage.
Illness or Injury Unemployment: Long-term illness, injury or disability that makes it difficult or impossible for an individual to work can result in unemployment.
"Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed)."
"Unemployment can have many sources, such as new technologies and inventions, the status of the economy, competition caused by globalization and international trade, policies of the government, and regulation and market."
"Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influence the availability and cost of money through its monetary policy."
"Some of the main types of unemployment include structural unemployment, frictional unemployment, cyclical unemployment, involuntary unemployment, and classical unemployment."
"Structural unemployment focuses on foundational problems in the economy and inefficiencies inherent in labor markets, including a mismatch between the supply and demand of laborers with necessary skill sets."
"Discussions of frictional unemployment focus on voluntary decisions to work based on individuals' valuation of their own work and how that compares to current wage rates added to the time and effort required to find a job."
"According to the UN's International Labour Organization (ILO), there were 172 million people worldwide (or 5% of the reported global workforce) without work in 2018."
"Statistical figures such as the employment-to-population ratio might be more suitable for evaluating the status of the workforce and the economy if they were based on people who are registered, for example, as taxpayers."
"Competition caused by globalization and international trade can be a source of unemployment."
"Fiscal policy can influence the status of the economy and unemployment."
"New technologies and inventions can be a source of unemployment."
"People above a specified age (usually 15) are considered in terms of unemployment."
"Policies of the government can contribute to unemployment."
"The ILO measures unemployment by assessing the number of people without work relative to the global workforce."
"Cyclical unemployment is one of the main types of unemployment."
"Classical unemployment is one of the main types of unemployment."
"The monetary authority of a country, such as the central bank, can influence the availability and cost of money."
"The global workforce is the population reported by the ILO."
"Structural unemployment focuses on foundational problems in the economy and inefficiencies inherent in labor markets."