00:01
So the first term we have unemployed.
00:04
So unemployed term refers to an individual and this individual isn't continuous look for the job and is unable to find the job.
00:17
So by unemployed it refers to an individual who is continuously in a search of job but unable to find job so the jobless individual is termed as unemployed although he or she is willing to work now talking about unemployment rate so unemployment rate is the calculated percentage for the for the number of unemployed persons divided by the total number of persons under the labor phase.
01:47
So unemployment rate it is expressed as number of unemployed persons divided by total number of persons in labor.
02:48
Force so this is how we calculate the unemployment rate now moving on to next term frictional unemployment so occurs when a worker moves from one job to another and spends time trying to find his new job.
04:19
So such type of unemployment takes place because the individual, although there is full employment in his field, although there is no less jobs, there are full employment chances for him, but he wants to switch the job from one job to another job and this is done.
04:43
For better career options.
04:47
So this frictional unemployment exists even when there is full employment because this is solely done for better career options.
04:59
So now moving on to next term structural unemployment.
05:20
So structural unemployment is a type of unemployment which takes place because the individual is not able to find the job according to his skills.
05:34
His skills are not matching to the available job.
05:38
So that's why he is not taking that job.
05:43
He wants a proper job which could match his skills so that he can give his 100 % to that job.
05:53
So it is a form of involuntary unemployment caused by a mismatch between the skills that workers in the economy can be offer and the skills demanded of workers by employers.
07:36
So this type of unemployment is taking place because there is mismatch of the skills, the skills which the workers have and the skills which are being demanded by the employment.
07:51
So employer demanding that skills is mismatching the skill which the workers have.
08:01
So that's why this type of unemployment takes place.
08:07
Moving on to next term, cyclical unemployment...