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7.3 What causes changes in unemployment over the short run  (Page 12/14)

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  • Card 12 / 14:
    implicit contract

    an unwritten agreement in the labor market that the employer will try to keep wages from falling when the economy is weak or the business is having trouble, and the employee will not expect huge salary increases when the economy or the business is strong

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Practice FlashCards 5 Key Terms 6

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Source:  OpenStax, University of houston downtown: macroeconomics. OpenStax CNX. May 28, 2014 Download for free at http://legacy.cnx.org/content/col11653/1.3
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