Macroeconomics ch 28

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  1. Labor Force
    The total number of workers, including both the employed and the unemployed.
  2. Unemployment Rate
    The percentage of the labor force that is unemployed.
  3. Labor-Force Participation rate
    The percentage of the adult population that is in the labor force.
  4. Natural rate of Unemployment
    The normal rate of unemployment around which the unemployment rate fluctuates.
  5. Cyclical Unemployment
    The deviation of unemployment from its natural rate.
  6. Discouraged workers
    Individuals who would like to work but have given up looking for a job.
  7. Frictional Unemployment
    Unemployment that results b/c it takes time for workers to search for the jobs that best suit thier tastes and skills
  8. Structural Unemployment
    Unemployment that results b/c the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one.
  9. Job search
    The process by which workers find appropiate jobs given thier tastes and skills.
  10. Unemployment Insurance
    A government program that partially protects workers income when they become unemployed.
  11. Union
    Aworker association that bargains with employers over wages, benefits, and working conditions.
  12. Collective Bargaining
    The process by which unions and firms agree on the terms of employment.
  13. Strike
    The organized withdrawal of labor from a firm by a union.
  14. Efficiency Wages
    Above-equilibrium wages paid by firms to increase worker productivity.
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Macroeconomics ch 28
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