 | Term | Definition |
| |
Labor Force |
the total number of workers, including both the employed and the unemployed |
| |
Unemployment Rate |
the percentage of the labor force that is unemployed |
| |
Labor Force Participation Rate |
the percentage of the adult population that is in the labor force |
| |
Natural Rate of Unemployment |
the normal rate of unemployment around which the unemployment around which the unemployment rate fluctuates |
| |
Cyclical Unemployment |
the deviation of unemployment from its natural state |
| |
Discouraged Workers |
individuals who would like to work but have given up looking for a job |
| |
Frictional Unemployment |
unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills |
| |
Structural 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 |
| |
Job Search |
the process by which workers find appropriate jobs given their tastes and skills |
| |
Unemployment Insurance |
a government program that partially protects workers' incomes when they become unemployed |
| |
Union |
a worker association that bargains with employers over wages, benefits, and working conditions |
| |
Collective Bargaining |
the process by which unions and firms agree on the terms of employment |
| |
Strike |
the organized withdrawal of labor from a firm by a union |
| |
Efficiency Wages |
above-equilibrium wages paid by firms to increase worker productivity |
| Add or remove terms from this set |
