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Types of unemployment, Inflation and Deflation

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What are the different types of unemployment and how do they affect the economy? What is inflation? What is deflation? What is the historical relationship between inflation and unemployment?

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Solution Summary

Solution clearly explains the different types of Unemployment and how they affect the economy. Also explains about Inflation and Deflation. Discusses about the historical relationship between Inflation and unemployment

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Unemployment: Unemployment is a status in which individuals are without job and are seeking a job. It is one of the most pressing problems of any economy especially the underdeveloped economies.

There are four different types of unemployment; cyclical, frictional, structural and classical. However some economists also argue that unemployment can further be broken down into voluntary and involuntary unemployment.

Cyclical unemployment is directly related to business cycles, and it varies as the business cycles ...

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