Chapter 28 - Unemployment

Strike

________: the organized withdrawal of labor from a firm by a union.

Unions

________ are a necessary antidote to the market power of the firms that hire workers.

High wages

________ may compensate more for workers productivity.

Sectoral shifts

________: changes in the composition of demand among industries or regions.

Labor earnings

________ are relied on to maintain a standard of living.

Frictional unemployment

________ is often caused by the labor demand.

B

When A is preferred over ________, A hires more workers and ________ lays off workers.

Labor force

________: the total number of workers, including both the employed and the unemployment.

Bureau of Labor Statistics

The ________ (BLS) measures unemployment.

Minimum wages

________ are not the primary reason for unemployment, but they are still important.

Job search

________: the process by which workers find appropriate jobs given their tastes and skills.

quantity of labor

When a union raises the wage above the equilibrium level is the ________ supplied and reduces the ________ demanded.

Unemployment insurance reduces

________ search effort and raises unemployment.

Labor force

________= Number of employment + Number of unemployed.

Labor force

________ participation rate: the percentage of the adult population that is in the ________.