Examlex
Explain the possible benefits of labor unions.
Increase Productivity
Enhancing the efficiency of production processes, resulting in more output from the same amount of inputs.
Increase Unemployment
A scenario where the number of unemployed individuals in the workforce rises, which can result from various factors including economic downturns, technological changes, or regulatory actions.
Natural Rate
A term often used to refer to the natural rate of unemployment, which is the level of unemployment consistent with a stable rate of inflation.
Frictional Unemployment
Short-term unemployment that arises from the process of workers moving between jobs, including fresh entrants to the labor market.
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