What Is the Significance of Determining That an Employment Relationship

question 68

Essay

What is the significance of determining that an employment relationship exists, aside from the statutory significance, employment insurance benefits, workers' compensation benefits, etc.?

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Definitions:

Unemployment

Unemployment refers to the situation when individuals who are capable of working and are actively seeking work are unable to find employment.

Inflation

A broad upsurge in pricing with a corresponding fall in the worth of money.

Short-run Phillips Curve

A graphical representation showing the inverse relationship between unemployment and inflation rates in the short term.

Inflation Expectations

Inflation expectations are the rate at which people—consumers and investors—expect the general level of prices to change in the future.