Definition of Full Employment
Definition of “Full Employment”?
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1. Full employment does not mean zero unemployment.
2. The full employment unemployment rate is equal to the total frictional and structural unemployment.
3. The full employment rate of unemployment is also referred to as the natural rate of unemployment.
4. The natural rate is achieved when labor markets are in balance; the number of job seekers equals the number of job vacancies. At this point the economy’s potential output is being achieved.
5. The natural rate of unemployment is not fixed but depends on the demographic makeup of the labor force and the laws and customs of the nations.
6. The recent drop in the natural rate of 6% to 5.5% has occurred mainly because of the aging of the work force and increased competition in product and labor markets.
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Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Discover Q & A Leading Solution Library Avail More Than 1445790 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1924605 Asked 3,689 Active Tutors 1445790 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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