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What Is Frictional Unemployment?

Frictional unemployment is also sometimes referred to as search unemployment. It refers to the unemployed period when people are between jobs or looking for their first job. This is the one type of unemployment that is probably impossible to eradicate completely. It is far less serious than the chronic lack of work that some people are faced with. In a lot of instances frictional unemployment will be voluntary because people are trying to find the work that offers them the best pay and conditions.

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What is Cyclical Unemployment?

Cyclical unemployment is closely related to Keynesian economics theory. It refers to a situation where there are more people looking for work than there are jobs available. This type of unemployment is caused by the business cycle. It can occur for a number of reasons but is related to the performance of the economy. A good example is when cyclical unemployment occurs due to a fall in consumer demand. This leads to manufacturers reducing production and thus not needing as many employees. This situation causes increased unemployment.

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If I Quit My Job am I Eligible for Unemployment Benefits?

If you quit your job it won’t mean that you are automatically entitled to unemployment benefits. This is because there are a number of conditions that need to be met in order for you to qualify under the scheme. The rules in regards to unemployment benefits will vary between state to state but generally speaking the onus will be on you to prove that you are entitled to this money. If you left your job without a very good reason then you might really struggle to get this type of benefit.

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