Natural Unemployment Law and Legal Definition
Natural Unemployment is the lowest rate of unemployment that an economy can sustain over the long run. The combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. Natural unemployment exists when the economy is at full employment, which for practical purposes is defined as the condition in which the quantity of resources demanded is equal to the quantity of resources supplied. Most important for policy purposes, natural employment exists with stable prices, that is, no inflation.
Legal Definition list
Related Legal Terms
- Alaska Natural Gas Transportation Project
- Certificate of Naturalization
- County Program Committee [Natural Resources Conservation Service]
- County Unemployment Rate
- Duration of Unemployment
- Emergency Natural Gas
- Emergency Natural Gas Transaction
- Environment and Natural Resources Division
- Extended Unemployment Compensation Account - EUCA
- FDI Natural Resources Exploration
