Web Results
Content Results
  • Full employment


    Full employment means that everyone who wants a job can have work hours they need on "fair wages". Because people switch jobs, full employment means a stable rate of unemployment around 1 to 2 per cent of the total workforce, but does not allow for underemployment where part-time workers cannot find hours they need for a decent living. In macroeconomics, full employment is sometimes defined as the level of employment at which there is no cyclical or deficient-demand unemployment. Some economists reject that full employment and see inflation as being a likely consequence of its enforcement, i.e. to prevent inflation from accelerating. This view is based on a theory centered on the concept of the Non-Accelerating Inflation Rate of Unemployment (NAIRU), and those who hold it usually mean NAIRU when speaking of full employment. The NAIRU has also been described by Milton Friedman, among others, as the "natural" rate of unemployment. Having many names, it has also been called the structural unemployment rate. For the United States, economist William T. Dickens found that full-employment unemployment rate varied a lot over time but equaled about 5.5 percent of the civilian labor force during the 2000s. Recently, economists have emphasized the idea that full employment represents a "range" of possible unemployment rates. For example, in 1999, in the United States, the Organisation for Economic Co-operation and Development (OECD) gives an estimate of the "full-employment unemployment rate" of 4 to 6.4%. This is the estimated unemployment rate at full employment, plus & minus the standard error of the estimate. The concept of full employment of labor corresponds to the concept of potential output or potential real GDP and the long run aggregate supply (LRAS) curve. In neoclassical macroeconomics, the highest sustainable level of aggregate real GDP or "potential" is seen as corresponding to a vertical LRAS curve: any increase in the demand for real GDP can only lead to rising prices in the long run, while any increase in output is temporary.

  • Apprenticeship


    Electricians are often trained through apprenticeships. Carpentry is another occupation learned through apprenticeship. An apprenticeship is a system of training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study (classroom work and reading). Apprenticeship also enables practitioners to gain a license to practice in a regulated profession. Most of their training is done while working for an employer who helps the apprentices learn their trade or profession, in exchange for their continued labor for an agreed period after they have achieved measurable competencies. Apprenticeships typically last 3 to 7 years. People who successfully complete an apprenticeship reach the "journeyman" or professional certification level of competence. Although the formal boundaries and terminology of the apprentice/journeyman/master system often do not extend outside guilds and trade unions, the concept of on-the-job training leading to competence over a period of years is found in any field of skilled labor. In early modern usage, the clipped form prentice was common.

  • Employment


    Employment is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee. Employees work in return for payment, which may be in the form of an hourly wage, by piecework or an annual salary, depending on the type of work an employee does or which sector she or he is working in. Employees in some fields or sectors may receive gratuities, bonus payment or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits can include health insurance, housing, disability insurance or use of a gym. Employment is typically governed by employment laws, regulations or legal contracts.

Map Box 1