Explain the difference between frictional and structural unemployment
What will be an ideal response?
Frictional unemployment is more short term and is associated with people changing jobs and entering the labor force. Structural unemployment is more long term and is associated with changes in the structure of the economy that require people to learn new skills.
Economics
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A decrease in the supply of steel results in a shortage of steel at the original equilibrium price. Explain how market forces will act to eliminate the shortage
What will be an ideal response?
Economics
In the circular flow, an increase in the money supply tends to result when
a. planned I equals planned S. b. planned I is less than planned S. c. planned I is greater than planned S. d. there is a surplus government budget.
Economics