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23 Cards in this Set

  • Front
  • Back
workers who stop looking for work due to an unsuccessfull search
discouraged workers
the deviation of the unemployment rate from the natural rate
cyclical unemployment
wages voluntarily paid in excess of the competitive equilibrium wage to increase worker productivity
efficency wages
changes in the composition of demand across industries or regions
sectoral shifts
the process by which workers find appropriate jobs given their tastes and skills
job search
unemployment due to the time it takes for workers to search for the jobs that best suit their tastes and skills
frictional unemployment
normal rate of unemplyment about which the unemployment rate fluctuates
natural rate of unemployment
percentage of the adult population in the labor force
labor-force precipitation rate
legislation that makes it illegal to require union membership for employment
right-to-work laws
an organized withdrawal of labor from the firm
strike
worker association that bargains with employers over wages, benefits, and working conditions
union
those employed in union jobs
insiders
a government program that pays laid off workers a portion of their original salaries.
unemployment insurance
the total number of workers, which is the sum of the unemployed and the employed
labor force
unemployment that results because the number of jobs available in some labor markets is insufficient for everyone who wants a job to get one.
structural unemployment
percentage of the labor force that is unemployed
unemployment rate
the process by which unions and firms agree on labor contracts
collective bargaining
those not employed in union jobs
outsiders
the long run problem of unemployment is assciated with what rate
natural rate
the short run problem of unemployment is associated with what rate
cyclical rate
What tends to understate under employment
discouraged workers
what tend to overstate uemployment
people claiming to be employed
Min wage is set above the level that balances supply and demand. This creates unemployment
binding price floor