Seasonal Unemployment: refers to a situation where a number of persons are not able to find jobs during some months

of the year. Cyclical Unemployment: is used to refer to the fluctuation in unemployment i.e. the unemployment caused by economic recessions. Technical Unemployment: unemployment caused by technological changes or new methods of production in an industry or business. Frictional Unemployment: this is a type of voluntary unemployment that arises because of the time needed to match job seekers with job openings. A good example is: When you make up your mind and set off looking for a better job and abandoning the current one, you are in the frictional unemployment labor force. Structural Unemployment: unemployment caused by massive mismatch of skills or geographic location. Structural unemployment poses more of a problem because workers must seek jobs elsewhere or must develop the skills demanded. The process is full of pain and frustration, and may lead to negative impacts on society. Disguised Unemployment: When more people are engaged in some activity than the number of person required for that. Disguised unemployment exists where part of the labor force is either left without work or is working in a redundant manner where worker productivity is essentially zero. In the third part,I will move on to inflation and the rate of unemployment. According to A. W. Philips, a British economist, if rate of inflation is high, rate of unemployment is low. On the other hand, if the rate of inflation is low, unemployment rate is high. The inverse relationship between the inflation rate and the unemployment rate can be explained by both the Demand-pull and the Wage-push factors. Philips postulated that during demand-pull inflation, demand for labour increases as increase in prices. Wage-Push Inflation is caused by the autonomous demand by the labour unions for increase in wages in excess of increase in labour productivity. The last point of the talk is represented by the costs of unemployment.The costs of unemployment are: Personal Cost: Loss of paycheck(loss of earnings to the unemployed) , Loss of self esteem(Those who are unemployed will find it more difficult to get work in future) and Increase in social problems( Areas of high unemployment tends to have more crime and vandalism). Economic Cost : Loss in output(Labour has productivity, high or low, depending on its skill and availability of capital per labour), Increased Govt borrowings(Tax revenue will fall because there are less people paying Income Tax and VAT) and Lower GDP for the economy( The economy will be below full capacity. This is inefficient and will lead to lower output and incomes). I would like to end by summarizing the main points of my talk. Firstly, the unemployment refers to the unwanted jobs or the lack of jobs. Then, there are a few classifications and formulas about the unemployment. Also, costs of unemployment are important in economy.