Final answer:
Structural unemployment occurs when workers' skills don't match the current economic requirements, leading to long-term unemployment or underemployment. It differs from frictional unemployment, which is temporary and occurs during job transitions.
Step-by-step explanation:
The result when workers' skills do not match those needed for the economy is known as structural unemployment. This occurs when there is a mismatch between the skills that workers possess and the skills demanded by employers. Underemployment is related, in which individuals may be working in jobs that do not fully utilize their skills or qualifications. These circumstances can lead to long-term unemployment, with workers facing difficulty finding comparable jobs with similar wages. For example, industry-specific skills such as those of a welder in a steel factory may not easily transfer to other industries. The unemployment rate reflects the percentage of adults in the labor force seeking jobs but not employed. The supply of skilled workers exceeding current market demand, can also enforce poverty by forcing workers to accept low-paying jobs or remain unemployed. Frictional Unemployment is different as it describes the short-term unemployment experienced while moving between jobs or searching for a job that's a good match.