Richard loses his job at the railroad due to a downturn in general business conditions.He is experiencing

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Cyclical unemployment occurs as a result of changes in the business cycle, such as a downturn that causes Richard to lose his job at the railroad. Structural unemployment is caused by changes in the economy, such as technological advancements or globalization, that lead to a mismatch between the skills of workers and the skills demanded by employers. Seasonal unemployment occurs due to fluctuations in demand for labor based on seasonal changes, such as lifeguard positions being available only during the summer. Frictional unemployment occurs as a result of people transitioning between jobs, such as when someone is searching for their first job or when they leave one job for another.

Richard Loses His Job at the Railroad Due to a Downturn