- noun a situation where all the people who can work have jobs
- noun situation in which everyone in a country who can work and wants to work has a job
- (written as Full Employment)A situation where all who wish to work at going wage and salary rates do so. This is not synonymous with zero unemployment thanks to frictional unemployment. Governments generally seek not to exceed the 'natural' rate of unemployment, defined (by Milton Friedman) as the lowest rate consistent with non-accelerating inflation (also termed NAIRU to avoid the apparent inevitability or acceptability implied by 'natural').