Define unemployment. Explain various causes of unemployment and relationship between unemployment and inflation.

Unemployment refers to the situation where individuals who are actively seeking employment are unable to find suitable jobs. It is an economic indicator that measures the proportion of the labor force that is without employment. Unemployment is a complex issue that can have significant social and economic consequences for individuals, households, and societies as a whole.

There are several causes of unemployment, which can be broadly categorized into two types:

Cyclical Unemployment: Cyclical unemployment is associated with fluctuations in the business cycle. During periods of economic downturns or recessions, there is a decrease in aggregate demand, leading to reduced production and layoffs. Cyclical unemployment is typically temporary and tends to decrease during periods of economic expansion.

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