Tag: wage

natural rate of unemployment

The natural rate of unemployment (NRU) is the unemployment rate that exists in an economy when it is

Involuntary unemployment occurs when people are willing and able to work at the current wage, but they cannot

Voluntary unemployment occurs when individuals decide not to accept jobs even though they are available at the current

Disequilibrium unemployment happens when the labor market is not balanced, meaning the number of people looking for work

Equilibrium unemployment is the level of unemployment that occurs when the labour market is balanced, meaning the number

Economic rent is the extra income a worker earns above their transfer earnings. Transfer earnings represent the minimum

Transfer earnings represent the minimum amount a worker must be paid in their current job to prevent them

Wage differentials refer to the differences in pay between workers, groups, or different types of jobs. These gaps

A monopsony occurs when there is only a single buyer in a market. In a labour market, a

A national minimum wage (NMW) is the lowest hourly pay rate that employers are legally required to pay