Ch 28 Flashcards
The total number of workers including both employed and the unemployed
Labor force
The percentage of labor force that is unemployed
Unemployment rate
The percentage of the adult population that is in the labor force
Labor-force percentage rate
The normal rate of employment around which the unemployment rate fluctuates
Natural rate of unemployment
The deviation of unemployment from its natural rate
Cyclical unemployment
Individuals who would like to work but have given up looking for a job
Discouraged workers
Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
Frictional unemployment
Unemployment that results because the number of jobs available in Some labor markets is insufficient to provide a job for everyone who wants one
Structural unemployment
The process by which workers find appropriate jobs given their tastes and skills
Job search
The government program that partially protects workers incomes when they become unemployed
Unemployment insurance
A worker associated that bargains with employers over wages, benefits, and working conditions
Union
The process by which unions and firms agree on the terms of employment
Collective bargaining
The organized withdrawal of labor from a firm by a union
Strike
Above-equilibrium wages paid by firms to increase worker productivity
Efficiency wages
