Ordnerverwaltung für Macroeconomics - CH23 Unemployment and Inflation
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Explain the term lockout
lockouts are periods in which union workers are locked out and rendered unemployed
Explain the term efficiency wages
Wages that employers set above the equilibrium wage rate as an incentive for their workers to perform better
What is the natrual rate of unemployment?
The natural rate of unemployment is the normal unemployment rate around which the actual unemployment rate fluctuates. It is the rate of unemployment that arises from the effects of frictional plus structural unemployment. Important to know is, that the natural rate of unemployment changes over time, and that it can be affected by government policies.