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
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...