unemployment that results when workers lack the skills required for the available jobs, or there are more people seeking jobs in a labor market than there are jobs available at the current wage rate.
wages that employers set above the equilibrium wage rate as an incentive for better employee performance.
the natural rate of unemployment
the unemployment rate that arises from the effects of frictional plus structural unemployment; CAN NEVER EQUAL ZERO
the deviation of the actual rate of unemployment from the natural rate.
Workers who spend time looking for employment are engaged in job search.
unemployment due to the time workers spend in job search.