Term
|
Definition
| the sum of employed and unemployed workers in the economy |
|
|
Term
|
Definition
| the percentage of the labor force that is unemployed |
|
|
Term
|
Definition
| people who are available for work but have not looked for a job during the previous four weeks because they believe no jobs are available for them |
|
|
Term
| Labor Force Participation Rate |
|
Definition
| the percentage of the working-age population in the labor force |
|
|
Term
|
Definition
| short-term unemployment that arises from the process of matching workers with jobs |
|
|
Term
|
Definition
| unemployment arising from a persistent mismatch between the skills and attributes of workers and the requirement of jobs |
|
|
Term
|
Definition
| unemployment caused by a business cycle recession |
|
|
Term
| Natural Rate of Unemployment |
|
Definition
| the normal rate of unemployment, consisting of frictional unemployment plus structural unemployment |
|
|
Term
|
Definition
| a higher-than-market wage that a firm pays to increase worker productivity |
|
|
