Final answer:
Frictional, structural, cyclical, and seasonal are the four types of unemployment we have studied.
Step-by-step explanation:
The four types of unemployment we have studied are:
Frictional Unemployment: This type of unemployment occurs when people are between jobs or are searching for a job. For example, a financial analyst who quits their job in Chicago and is pursuing similar work in Arizona.
Structural Unemployment: This type of unemployment occurs when there is a mismatch between the skills of workers and the available jobs. An example of this is coal miners laid off due to EPA regulations that shut down coal-fired power plants.
Cyclical Unemployment: This type of unemployment occurs due to changes in the business cycle, such as recessions. For example, landscapers being laid off in response to a drop in new housing construction during a recession.
Seasonal Unemployment: This type of unemployment occurs due to seasonal fluctuations in demand for certain industries. For instance, printers being laid off due to a drop in demand for printed catalogues and flyers as firms go online to promote and advertise their products.