Structural unemployment is a persistent, extended type of unemployment resulting from changes in the foundational structure of the economy. Factors that contribute to structural unemployment include government policy, competition, technology, and more.
Stagflation is an unusual economic situation in which high inflation (leading to increasing prices) coincides with increasing unemployment rates and decreasing levels of output/stagnation of economic growth. That’s why it’s called “stagflation”.
To define frictional unemployment more concisely: it is a form of unemployment that arises due to an economy’s employment transitions. It takes place in a healthy and stable economy with plenty of growth. Workers that create frictional unemployment include those who are changing their jobs and those who are first joining the workforce.
A person is considered to be unemployed if he doesn’t currently doesn’t have a job and is actively searching for one. When we look at the unemployment rate, we consider someone who is actively seeking a job. Otherwise, we do not count them in the labor force.
GDP stands for Gross Domestic Product, and the GDP of a country is the total value of all final goods and services produced within that country over a period of time.
The concept of seasonal unemployment describes a situation when workers experience unemployment at certain times of the year when the demand has decreased. Although unemployment is always problematic, the upside is that seasonal unemployment doesn’t last–eventually, the peak season of a given industry arrives and many workers become employed once again.