The macroeconomy Flashcards
1
Q
Unemployment
A
The state of being willing and able to work but without a job
2
Q
Full employment
A
The level of employment corresponding to where all who wish to work have found jobs, excluding frictional unemployment
3
Q
Nature rate of unemployment
A
The rate of unemployment that exists when the aggregate demand for labour equals the aggregate supply of labour at current wage rate and price level. ?
