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Flashcards - Unemployment Basics

Flashcards - Unemployment Basics
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natural level of employment
The natural rate of unemployment is a concept of economic activity developed in particular by Milton Friedman and Edmund Phelps in the 1960s, both recipients of the Nobel prize in economics
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discouraged worker
In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment or who does not find employment after long-term unemployment
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unemployed
Unemployment occurs when people who are without work are actively seeking paid work
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7 cards in set
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unemployed
Unemployment occurs when people who are without work are actively seeking paid work
discouraged worker
In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment or who does not find employment after long-term unemployment
natural level of employment
The natural rate of unemployment is a concept of economic activity developed in particular by Milton Friedman and Edmund Phelps in the 1960s, both recipients of the Nobel prize in economics
structurally unemployed
Structural unemployment is a form of unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers
rational expectations
In economics, "rational expectations" are model-consistent expectations, in that agents inside the model on average assume the model's predictions are valid
minimum wage
A minimum wage is the lowest remuneration that employers may legally pay to workers
Efficiency wage theory
In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, form in a way that is not market-clearing

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