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Two Roommates, Greg and Derek, Are Trying to Divide Up

question 1

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Two roommates, Greg and Derek, are trying to divide up a nine-slice pizza. Greg, a baseball fan, agrees to let Derek have five slices of the pizza in return for their apartment's TV being tuned to the Pittsburgh Pirates game that evening. In what concept are Greg and Derek engaging?


Definitions:

Structural Unemployment Rate

The long-term and chronic unemployment that exists even when the economy is at its productive best, often due to mismatches between skills and job requirements.

Overall Unemployment Rate

A percentage that represents the portion of the labor force that is not currently employed but is actively seeking employment.

Unemployment Rate

The fraction of job-seeking individuals within the labor force who are currently unemployed.

Labor Force

The total number of people, including both the employed and unemployed, who are actively seeking work.

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