Re explain it again by time include Involuntary Unemployment to Cyclical unemployment and Structural unemployment

Sure, let's break down the concepts of Involuntary Unemployment, Cyclical Unemployment, and Structural Unemployment.

1. Involuntary Unemployment: This type of unemployment refers to when people are willing to work at the prevailing wage rate, but they are unable to find work. This can be due to a lack of job vacancies, or they may not have the necessary skills or qualifications for the jobs that are available.

2. Cyclical Unemployment: This type of unemployment is linked to the business cycle. During periods of economic downturn or recession, businesses often cut back on production and lay off workers, leading to an increase in unemployment. Conversely, during periods of economic growth or expansion, businesses often increase production and hire more workers, leading to a decrease in unemployment. Cyclical unemployment is thus characterized by periods of high unemployment during recessions and low unemployment during expansions.

3. Structural Unemployment: This type of unemployment occurs when there is a mismatch between the skills that workers in the economy can offer and the skills that employers are looking for. This can be due to changes in technology, which can make certain jobs obsolete, or changes in the structure of the economy, such as a shift from manufacturing to services. Structural unemployment can be long-term in nature, as it can take time for workers to retrain and acquire the skills needed for the new jobs.

So, if we were to put these concepts on a timeline, it would look something like this:

• At any given time, there may be some level of involuntary unemployment in the economy, as there will always be some people who are willing to work but unable to find a job.

• Cyclical unemployment would rise and fall in line with the business cycle. So, during a recession, cyclical unemployment would increase, and during an expansion, it would decrease.

• Structural unemployment would likely increase over time, as technological progress and changes in the structure of the economy lead to a greater mismatch between the skills of workers and the needs of employers. However, this would be a gradual process, not something that happens overnight.