Minimum Wage Laws - Government imposed minimum hourly wages that must be observed. The minimum wage is aimed at providing a minimum standard of living, but also have the ancillary effect of increasing unemployment. National Output - The total value of goods and services produced by an economy in a specified time period. Also known as GDP. Natural Rate of Unemployment - The rate of unemployment that the economy tends to hover around. Most economists believe that this value is around 6%. Nominal GDP - The total value of all goods and services produced in an economy, valued at current dollar, and not adjusted for inflation. Nominal Prices - Prices of goods and services valued at dollars current when the goods and services were provided. Nominal prices are not adjusted for inflation. Okun's Law - This details the inverse relationship between unemployment and real GDP. Click here to see the Okun's Law Formula. Out of the Labor Force
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