Technology is a determinant of labor demand, not labor supply.

The natural rate of unemployment is the rate of unemployment that is consistent with stable inflation. It is caused by structural factors, such as the mismatch between the skills of workers and the jobs available, and frictional factors, such as the time it takes workers to find new jobs.

The relationship between wages and unemployment depends on other factors, such as the state of the economy, the level of inflation, and the bargaining power of workers and employers.

Labor unions are open to all workers, while professional associations are only open to workers with a certain level of education or experience. Labor unions are focused on improving wages and working conditions, while professional associations are focused on promoting the interests of a particular profession. Labor unions are typically more powerful than professional associations.

The Fair Labor Standards Act sets a minimum wage, a maximum number of hours that employees can work, and prohibits child labor.

A strike is a work stoppage by employees, while a lockout is a work stoppage by employers.

The role of government in labor markets is to set a minimum wage, provide unemployment benefits, and enforce labor laws.

The main challenges facing labor markets today are globalization, technological change, and the aging workforce.

Some of the policy options that governments can use to address the challenges facing labor markets include investing in education and training, promoting job creation, and providing social safety nets.

The future of work is likely to see more people working from home, more people being self-employed, and more people working in the gig economy.