Total number of workers, including both employed and unemployed
Percentage of labour force that is unemployed
Labour force participation rate
Percentage of adult population that is in the labour force.
Natural rate of unemployment
Rate of unemployment to which the economy tends to return in the long run.
Deviation of unemployment from its natural rate.
Unemployment that results because it takes time for workers to search for the job that best suit their tastes and skills.
Unemployment that results because the number of jobs available in some labour markets is insufficient to provide for everyone who wants one.
Government program that partially protects workers’ incomes when they become unemployed.
Process by which unions and firms agree on the terms of employment
A worker association that bargains with employers over wages and working conditions.
The organized withdrawal of labour from a firm by a union.
Above-equilibrium wages paid by firms in order to increase worker productivity. Reasons include: Health, low turnover, Effort, and Quality.