labor market

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Last updated 8:56 AM on 4/21/26
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8 Terms

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Labor Force

Includes both employed and unemployed people.

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Unemployed

People without a job who have been actively looking for work within the last 4 weeks.

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Full Employment

Generally considered to be an unemployment rate between 4% and 6%.

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Minimum Wage

The current federal minimum wage is $7.25.

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Income Effect

A change in demand for a good resulting from a change in a consumer's purchasing power due to wage fluctuations.

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Substitution Effect

When consumers switch to cheaper alternatives as prices rise or work more as wages increase (trading leisure for work).

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Monopsony

A market structure where a single employer has significant power to lower employee wages.

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Adverse selection

employers can distinguish between high and low skilled applicants