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
| The percentage of the labor force that is unemployed. |
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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
| Natural Rate of Unemployment |
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Definition
| The normal rate of unemployment around which the unemployment rate floats. |
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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 & skills. |
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Term
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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. |
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Term
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Definition
| The process by which workers find appropriate jobs given their tastes & 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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