______________ seeks to understand the functioning and dynamics of the markets for wage labour.

____________ studies how labor markets work.

__________ is the study of economic behavior of employers and employees in response to changing prices, profits, wages, and working conditions.

__________ seeks to understand the functioning of the market and dynamics for labour.

_____________ function through the interaction of workers and employers.

_____________ looks at the suppliers of labor services (workers), the demanders of labor services (employers), and attempts to understand the resulting pattern of wages, employment, and income.

It is an important subject because unemployment is a problem that affects the public most directly and severely.

____________ or reduced unemployment) is a goal of many modern governments.

_______________ is an economic concept that refers to the inputs needed to produce goods and services.

______________ refers to the effort that individuals exert when they produce a good or service.

_________ techniques study the role of individuals and individual firms in the labour market.

____________ techniques look at the interrelations between the labour market, the goods market, the money market, and the foreign trade market. It looks at how these interactions influence macro variables such as employment levels, participation rates, aggregate income and Gross Domestic Product.

__________ is a derived demand; that is, hiring labour is not desired for its own sake but rather because it aids in producing output, which contributes to an employer's revenue and hence profits.

______________ is calculated by multiplying the price of the end product or service by the Marginal Physical Product of the worker.

If the MRP is greater than a firm's Marginal Cost, then the firm will employ the worker since doing so will increase profit.

While as a rule, workers exhibit different characteristics, attitudes, traits and beliefs from one another, nevertheless, they have common aspirations.

efficient & responsible workers find happiness & satisfaction in a job well done

as human beings, workers clamor for a recognition for a job well done (praises or monetary rewards)

realization of dreams of becoming better individuals through their contribution to production

people work well because they feel a sense of challenge, accomplishment and service to others

to be treated with decency and with respect.

_________ is defined as the number of individuals age 16 and over, excluding those in the military, who are either employed or actively looking for work.

The _______________ is the number of people in the labour force divided by the size of the adult civilian non-institutional population (or by the population of working age that is not institutionalised).

The _____________ includes those who are not looking for work, those who are institutionalised such as in prisons or psychiatric wards, stay-at home spouses, children, and those serving in the military.

Persons who are neither employed nor unemployed are not in the labor force. This category includes retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work.

The ______________ is defined as the labour force minus the number of people currently employed.

The _____________ is defined as the level of unemployment divided by the labour force.

The ______________ is defined as the number of people currently employed divided by the adult population (or by the population of working age). In these statistics, self- employed people are counted as employed.

This reflects the fact that it takes time for people to find and settle into new jobs. If 12 individuals each take one month before they start a new job, the aggregate unemployment statistics will record this as a single unemployed worker.

Technological advancement often reduces frictional unemployment, for example: internet search engines have reduced the cost and time associated with locating employment.

This reflects a mismatch between the skills and other attributes of the labour force and those demanded by employers.

Rapid industry changes of a technical and/or economic nature will usually increase levels of ____________________ on of new machinery or software will require future employees to be trained in this area before seeking employmen

The process of globalization has contributed to structural changes in labour, some domestic industries such as textile manufacturing have expanded to cope with global demand, whilst other industries such as agricultural products have contracted due to greater

This is the summation of frictional and structural unemployment, that excludes cyclical contributions of unemployment e.g. recessions. It is the lowest rate of unemployment that a stable economy can expect to achieve, seeing as some frictional and structural unemployment is inevitable.

In Keynesian economics, any level of unemployment beyond the natural rate is most likely due to insufficient demand in the overall economy.

During a recession, ______________, is deficient causing the underutilization of inputs (including labour).

- The most important actor; without workers, there is no “labor”. - Desire to maximize utility (i.e., to optimize by selecting the best option from available choices). - Supplies more time and effort for higher payoffs, causing an upward sloping labor supply curve.

- Decide who to hire and fire. - Motivated to maximize profits. - Relationship between price of labor and the number of workers a firm is willing to hire generates the labor demand curve.

- Imposes taxes, regulations. - Provides ground rules that guide exchanges made in labor markets. - Subsidize training in profession that the economy or society has a shortage for either for currently or future.

- Alter immigration rules to augment immediate labor market needs - Legislate laws to address solutions to the various problems in the labor market

- Addressesthefacts - Focuson“whatis” - Questions answered with the tools of economists

- Addresses values - Focuson“whatshouldbe” - Requires judgments

The country's unemployment rate dropped to 6.0 percent in May 2022.

The government must take action in order to reduce unemployment rate.

IDENTIFY

IDENTIFY

• Price employers pay for labor. • It may take form of bonuses, royalties, commissions and salaries. • Used to mean wage rate or price paid per unit of labor time.

_____________ are the amount of money received per hour, per day, per week, and so on.

_____________ are the purchasing power of the wage, i.e., the quantity of goods and services that can be obtained with the wage.

____________ depend on one’s nominal wage and the price level of the goods and services that will be purchased.