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