Term
| Natural Rate of Unemployment |
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Definition
| the amount of unemployment that the economy normally experiences |
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Term
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Definition
| year to year fluctuations of unemployment around its natural rate. (associated with short term economic fluctuations). |
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Term
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Definition
| paid employees, those who own their own business, people who have jobs but are on leave, and unpaid workers in a family business. |
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Term
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Definition
| those who are not employed, available for work, or tried to find employment during the past four weeks. It also includes people waiting for recall from being fired. |
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Term
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Definition
| students, homemakers, or retirees. Essentially those without jobs who do not want them. |
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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
| # unemployed/labor force x 100 |
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Term
| Labor Force Participation Rate |
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Definition
| Labor force/adult population x 100 |
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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 job that best suits their tastes and 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 jobs for everyone who wants one. |
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Term
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Definition
| changes in the composition of demand among industries or regions |
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Term
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Definition
| A government program that partially protects workers' incomes when they become unemployed. It usually covers on average 50% of former wage for 26 weeks. |
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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 from labor 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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Term
| Reasons for efficiency wages |
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Definition
1. worker health
2. worker turnover
3. worker quality
4. worker effort |
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