Macroeconomics ch 28

The total number of workers, including both the employed and the unemployed.

The percentage of the labor force that is unemployed.

The percentage of the adult population that is in the labor force.

The normal rate of unemployment around which the unemployment rate fluctuates.

The deviation of unemployment from its natural rate.

Individuals who would like to work but have given up looking for a job.

Unemployment that results b/c it takes time for workers to search for the jobs that best suit thier tastes and skills

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.

The process by which workers find appropiate jobs given thier tastes and skills.

A government program that partially protects workers income when they become unemployed.

Aworker association that bargains with employers over wages, benefits, and working conditions.

The process by which unions and firms agree on the terms of employment.

The organized withdrawal of labor from a firm by a union.

Above-equilibrium wages paid by firms to increase worker productivity.