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On occasion, there may be representation on the union's negotiating team from the regional or national level of the union. Describe two reasons why this would occur.
Frictional Unemployment
This refers to unemployment that occurs when people are between jobs or are entering the workforce for the first time.
Labor Supplied Exceeding
A situation where the quantity of labor offered by workers surpasses the quantity demanded by employers.
Long-run Unemployment
Unemployment that persists in an economy for an extended period, often due to fundamental shifts in the economy or structural changes in the labor market.
Labor Markets
Markets where labor is traded, involving the hire and utilization of workers, affected by factors like wages, demand, and supply.
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