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Workers Equally Well Suited
A situation in which workers possess the same skills and abilities, making them interchangeable in their roles without affecting productivity.
Structural Unemployment
A form of unemployment caused by a mismatch between the skills that workers in the economy can offer and the skills demanded by employers.
Supply And Demand Equilibrium
The point at which the quantity of a product demanded by consumers equals the quantity supplied by producers.
Frictional Unemployment
This refers to unemployment that occurs when people are between jobs or are entering the workforce for the first time.
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