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April 2, 2023 

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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.

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NATURAL UNEMPLOYMENT RATE: The rate of unemployment that occurs when the economy is at full employment. This rate is primarily composed of frictional and structural unemployment.

     See also | natural unemployment | frictional unemployment | structural unemployment | full employment | inflation | unemployment | long-run aggregate supply |


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NATURAL UNEMPLOYMENT RATE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: April 2, 2023].


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RISK LOVING

A preference for risk in which a person prefers risky income over guaranteed or certain income. Risk loving arises due to increasing marginal utility of income. A risk loving person prefers to undertake risk and is even willing to pay to do so. This is one of three risk preferences. The other two are risk neutrality and risk aversion.

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Today, you are likely to spend a great deal of time at a flea market trying to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for celebrities who speak directly to you through your television.
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The average bank teller loses about $250 every year.
"Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe."

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