Economics 16
- Created by: Gabrielle
- Created on: 30-12-13 13:57
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- Unemployment
- Frictional Unemployment
- Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
- Structural unemployment
- The number of jobs available in some labour markets is insufficient to provide a job for everyone who wants one
- Governments try to reduce the transition time people are between jobs
- Government-run employment agencies
- Public training programs
- Minimum wage above the equilibrium wage results in unemployment
- Collective bargaining is the process by which unions and firms agree on the terms of employment
- Efficiency wage raise the wage above the market equilibrium wage, resulting in unemployment
- Frictional Unemployment
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