Unemployment is formally defined when people are willing to work and have actively searched for it in the past four weeks, but are unable to find a job. There are four main types of unemployment which includes frictional unemployment, cyclical unemployment, structural unemployment, and seasonal unemployment. The first is the frictional unemployment which is when the people are switching their jobs from one occupation to another and during this switch, they enter an unemployment phase. This unemployment is very much natural and cannot be avoided by any regulations since people will always look for better jobs in terms of monetary benefits and intrinsic benefits. For example if a person leaves a job in the expectation that he or she can find a job which better serves for the compensation of its work.
The second type of unemployment is cyclical unemployment which is when the economy is in a state of recession or is at a decline. The aggregate demand of the products is low and since the production is low, therefore the demand for labor is low. The supply of the workers exceeds the demand of labor and hence cyclical unemployment. Cyclical unemployment first occurs when the economy is in the state of recession and the time period of this is unpredictable. After this, cyclical unemployment may reach its peak if the economy enters the state of a slump or depression, or the cyclical unemployment may end if the economy recovers.
The third type of unemployment is structural unemployment which is when the skill level of the job seekers does not match the skill level of the jobs available. This is usually when the economy is going through a structural change that is it may be shifting...
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...ore it makes it very difficult for the infant industries to compete with others which a country certainly does not want for its well being. Also, the priority should be to promote the local industries so that the economy as a whole improves and the local industries flourish. In case of free trade, this will not be the case as it would mean that the country will buy from the lowest cost producer even if it is on the expense of a local producer. Therefore the priority is to promote the setting up of local industries so that the local economy as a whole flourishes. Due to these reasons, the free trade agreements have been so difficult to implement even if they are existent.
Edge, K. (n.d.). Free trade and protection: advantages and disadvantages of free trade. Retrieved from HSC Online: http://hsc.csu.edu.au/economics/global_economy/tut7/Tutorial7.html
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