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According to the theory of Richard Lazarus,
Wage Flexibility
The ease with which wages can adjust to match the supply and demand for labor, helping in the correction of labor market imbalances.
Full Employment
A situation in which all available labor resources are being used in the most economically efficient way, typically marked by the absence of cyclical unemployment.
John Maynard Keynes
A British economist whose theories on the causes of prolonged unemployment and the role of government intervention in economies formed the basis of Keynesian economics.
Full Employment
A condition in the economy where all potential labor forces are utilized in the most economically effective manner.
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