Term
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Definition
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the total number of workers, including both the employed and the unemployed
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Term
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Definition
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number of employed + number of unemployed
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Term
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Definition
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the percentage of the labor force that is unemployed
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Term
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Definition
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(number of unemployed/labor force)*100
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Term
| labor-force participation rate |
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Definition
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the percentage of the adult population that is in the labor force.
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Term
| labor-force participation rate = |
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Definition
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(labor force/adult population)*100
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Term
| natural rate of unemployment |
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Definition
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the normal rate of unemployment around which the unemployment rate fluctuates
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Term
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Definition
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the deviation of unemployment from its natural rate
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Term
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Definition
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individuals who would like to work but have given up looking for a job
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Term
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Definition
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unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
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Term
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Definition
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unemployment that results because the number of jobs available in labor markets is insufficient to provide a job for everyone who wants one.
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Term
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Definition
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the process by which workers find appropriate jobs given their tastes and skills
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Term
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Definition
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a government program that partially protects workers' incomes when they become unemployed
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Term
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Definition
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a worker association that bargains with employers over wages, benefits, and working conditions
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Term
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Definition
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the process by which unions and firms agree on the terms of employment
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Term
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Definition
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the organized withdrawal of labor from a firm by a union
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Term
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Definition
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above-equilibrium wages paid by firms to increase worker productivity
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