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Natural Level of Employment
The rate of employment where the labor market is in equilibrium, with no cyclical unemployment.
Prolonged Unemployment
Prolonged unemployment refers to an extended period during which an individual remains jobless despite actively seeking employment, often leading to significant economic and psychological consequences.
Labor Skills
The abilities and expertise that workers possess, which determine their employability and efficiency in performing specific tasks.
Inflation Rate
The rise in the cost of goods and services across an economy over a specific period, expressed as a percentage.
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