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Ideal Labor Market
An ideal labor market is a theoretical construct where there is perfect competition, equal access to information, and no barriers to entry or exit, leading to efficient employment outcomes.
Workers Without Jobs
Individuals who are actively seeking employment but are unable to find work.
Structural Unemployment
Unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one.
U-5 Measure
The U-5 Measure is a broader definition of unemployment than the standard, including not only those actively seeking work but also discouraged workers and others marginally attached to the labor force.
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