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VocabularyEdit

Labor Force

  • Definition: The total number of workers, including both the employed and the unemployed.
  • What It Means:

Unemployment Rate

  • Definition: The percentage of the labor force that is unemployed.
  • What It Means:

Labor-Force Participation Rate

  • Definition: The percentage of the adult population that is in the labor force.
  • What It Means:

Natural Rate of Unemployment

  • Definition: The normal rate of unemployment around which the unemployment rate fluctuates.
  • What It Means:

Cyclical Unemployment

  • Definition: The deviation of unemployment from its natural rate.
  • What It Means:

Discouraged Workers

  • Definition: Individuals who would like to work but have given up looking for a job.
  • What It Means:

Frictional Unemployment

  • Definition: Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills.
  • What It Means:

Structural Unemployment

  • Definition: Unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one.
  • What It Means:

Job Search

  • Definition: The process by which workers find appropriate jobs given their tastes and skills.
  • What It Means:

Unemployment Insurance

  • Definition: A government program that partially protects workers' incomes when they become unemployed.
  • What It Means:

Union

  • Definition: A worker association that bargains with employers over wages, benefits, and working conditions.
  • What It Means:

Collective Bargaining

  • Definition: The process by which unions and firms agree on the terms of employment.
  • What It Means:

Strike

  • Definition: The organized withdrawal of labor from a firm by a union.
  • What It Means:

Efficiency Wages

  • Definition: Above-equilibrium wages paid by firms to increase worker productivity.
  • What It Means:

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