Tag: workers

Law of Diminishing Marginal Returns

DefinitionIn economics, diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production...

National Average Wage Index (NAWI)

What is 'National Average Wage Index - NAWI' An index calculated annually by the Social Security Administration (SSA) based on wages subject...

Absentee Landlord

DefinitionIn economics, an absentee landlord is a person who owns and rents out a profit-earning property, but does not live within the property's local...

Job Openings and Labor Turnover Survey (JOLTS)

What is 'Job Openings and Labor Turnover Survey - JOLTS' A survey done by the United States Bureau of Labor Statistics to...

Layoff

DefinitionA layoff is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees for business reasons,...

Earned Income Credit (EIC)

What is 'Earned Income Credit - EIC' A tax credit in the United States which benefits certain taxpayers who have low incomes...

Earned Income

What is 'Earned Income' Earned income is income derived from active participation in a trade or business, including wages, salary, tips, commissions...

Taft-Hartley Act

What is 'Taft-Hartley Act' The Taft-Hartley Act is a federal law that was enacted in 1947 that prohibited certain union practices and...
Labor market flexibility

Labor Market Flexibility

What is labor market flexibility and why is it important Labor market flexibility is the ability of businesses to respond quickly to changes in market...

Occupational Labor Mobility

What is 'Occupational Labor Mobility' Refers to the ease with which workers can switch career fields to find gainful employment or meet...

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