Unemployment
Unemployment
Unemployment (pronounced: /ʌnɪmˈplɔɪmənt/) is a term used in Economics to describe the state of an individual or individuals who are capable of working and are actively seeking work but are unable to find employment.
Etymology
The term "unemployment" is derived from the Latin word "unus", meaning "not", and the French word "emploi", meaning "employment". It was first used in the late 16th century to describe the state of being without a paid job.
Related Terms
- Employment: The state of having paid work.
- Job: A paid position of regular employment.
- Economy: The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
- Recession: A period of temporary economic decline during which trade and industrial activity are reduced.
- Inflation: The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
- Deflation: Reduction of the general level of prices in an economy.
- Underemployment: The condition in which people in a labor force are employed at less than full-time or regular jobs or at jobs inadequate with respect to their training or economic needs.
Types of Unemployment
- Structural Unemployment: Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.
- Cyclical Unemployment: Unemployment that results from economic recessions or depressions.
- Frictional Unemployment: Unemployment that occurs when people are between jobs or are looking for their first job.
- Seasonal Unemployment: Unemployment caused by seasonal variations in employment e.g. some farm workers being unemployed in winter.
Effects of Unemployment
Unemployment can have many effects on individuals and society at large. These can include financial hardship and poverty, reduced spending power, increased government borrowing, and reduced economic growth.
External links
- Medical encyclopedia article on Unemployment
- Wikipedia's article - Unemployment
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