Term
|
Definition
| The total number of workers, including both the employed and the unemployed |
|
|
Term
|
Definition
| The percentage of the labor force that is unemployed |
|
|
Term
| Labor-Force Participation Rate |
|
Definition
| The percentage of the adult population that is in the labor force |
|
|
Term
| Natural Rate of Unemployment |
|
Definition
| The normal rate of unemployment around which the unemployment rate fluctuates |
|
|
Term
|
Definition
| The deviation of unemployment from its natural rate |
|
|
Term
|
Definition
| Individuals who would like to work but have given up looking for a job |
|
|
Term
|
Definition
| Unemployment that results because it takes time for workers to search for the job that best suit their tastes and skills |
|
|
Term
|
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 |
|
|
Term
|
Definition
| The process by which workers find appropriate jobs given their tastes and skills |
|
|
Term
|
Definition
| A government program that partically protects workers' incomes when they become unemployed |
|
|
Term
|
Definition
| The process by which unions and firms agree on the terms of employment |
|
|
Term
|
Definition
| The organized withdrawl of labor from a firm by a union |
|
|
Term
|
Definition
| A workers association that bargains with employers over wages, benefits, and working conditions |
|
|
Term
|
Definition
| Above-equalibrium wages paid by firms to increase worker productivity |
|
|
