Final answer:
Frictional unemployment occurs during the period between jobs when workers are searching for new employment due to various mismatches. It is considered a natural part of the labor market influenced by voluntary decisions of individuals seeking work.
Explanation:
Frictional unemployment refers to the period between jobs when a worker is searching for or transitioning to a new job. It occurs due to mismatches between job-seekers and available positions, such as differences in skills, payment, location, and other factors.
Frictional unemployment is considered a natural part of the labor market and is influenced by voluntary decisions of individuals in seeking work based on various personal and economic factors.
During this type of unemployment, individuals actively seek new jobs, leading to a turnover in the unemployed group as they move in and out of employment.
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