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collective bargaining
the process by which unions and firms agree on the terms of employment
cyclical unemployment
the deviation of unemployment from its natural rate. ( Short run flucuation from the Natural Rate of Unemployment)
= Un
discouraged workers
individuals who would like to work but have given up looking for a job after 4 weeks
do not show up in unemployment statistic or rates
efficiency wages
above-equilibrium wages paid by firms to increase worker productivity
frictional unemployment
unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
short lived unemployment
frictional unemployment
unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
Also called search employment
Part of the Natural rate of unemployment
job search
the process by which workers find appropriate jobs given their tastes and skills
labor force
the total number of workers, including both the employed and the unemployed
Labor force = Number of employed + Number of unemployed.
labor-force participation rate
measures the percentage of the total adult population of the United States that is in the labor force
LFP= (Labor Force/Adult Population) x 100
natural rate of unemployment
the normal rate of unemployment around which the unemployment rate fluctuates
long run (over the years) average unemployment rate
also called full rate of unemployment
strike
the organized withdrawal of labor from a firm by a union
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
unemployment insurance
a government program that partially protects workers' incomes when they become unemployed
Qualify those who were laid off due to employer no longer needing their skills.
Benefits are 50% of former wages and last for 26 weeks.
it increases frictional employment.
unemployment rate
the percentage of the labor force that is unemployed
Labor force = (Number of unemployed/Labor Force) x 100
union
a worker association that bargains with employers over wages, benefits, and working conditions
Usually earn 20% higher wages and get more benefits than non-union workers for the same type of work.
Unions have been declining to the fact that they have lost a lot of political power.
Seasonally adjusted unemployment
Un = Frictional + Structural Unemployment.
Minimum Wage
Usually refer to as a price floor, which is a legal minimum price for the product in question.
Usually apply to the unskilled or least skilled or experienced) Labor Market
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Author
damea134
ID
225701
Card Set
Macroeconomics
Description
Flash cards from Principles Of Macroeconomics 6th Edition Mankiw
Updated
2013-07-03T21:13:15Z
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