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Consider the phase diagrams for water and carbon dioxide given in the text on page 315.Explain the significance of the slopes of the solid-liquid lines.
Cyclical Unemployment
This type of unemployment is caused by the downturns in the business cycle, where workers lose their jobs due to a lack of demand during economic recessions.
Discouraged Worker
An individual who has stopped looking for employment due to the belief that no jobs are available for them or there are none for which they would qualify.
BLS
The Bureau of Labor Statistics, a US government agency responsible for collecting and analyzing critical economic data, including employment and inflation.
Natural Unemployment Rate
The lowest level of unemployment that an economy can sustain over the long term without causing inflation.
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