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If recession caused millions of people to lose there jobs and millions more to fear unemployment what would happen?
Inferior goods would have an increase in demand while superior goods would have a decrease in demand.
What types of unemployment exist?
Unemployment is split into these types: demand-deficient unemployment, frictional unemployment, and structural unemployment
What cause unemployment after world War 1?
After World War I, unemployment was primarily caused by the demobilization of soldiers returning to civilian life, which flooded the job market. Additionally, the post-war economic adjustments led to a decline in demand for wartime production, resulting in factory closures and layoffs. Inflation and labor strikes further destabilized the economy, exacerbating joblessness. Lastly, the transition from a wartime to a peacetime economy created mismatches between skills and available jobs.
What were the causes of the panic of 1893?
The Panic of 1893 was primarily caused by a combination of over-speculation in the railroad industry, declining agricultural prices, and a lack of confidence in the U.S. gold reserves. The failure of the Philadelphia and Reading Railroad, along with the collapse of major banks, triggered a stock market crash. Additionally, international economic pressures, such as a crisis in Europe and a decline in demand for American exports, exacerbated the situation. This financial turmoil led to widespread unemployment and economic depression.
What did Keynes sat causes unemployment?
Aggregate Demand
Is there a tradeoff between unemployment and inflation when the aggregate demand in an economy increases?
Yes, there is a tradeoff between unemployment and inflation when aggregate demand in an economy increases. As demand rises, businesses may need to hire more workers to meet the increased demand, leading to lower unemployment rates. However, if demand grows too quickly, it can also lead to inflation as businesses raise prices to match the higher demand. This tradeoff is known as the Phillips curve relationship.
What are the key factors contributing to the different types of unemployment, including frictional, structural, and cyclical unemployment?
The key factors contributing to different types of unemployment are: Frictional unemployment: This type of unemployment occurs when people are temporarily between jobs due to factors such as job searching, changing careers, or relocating. Structural unemployment: Structural unemployment happens when there is a mismatch between the skills of workers and the requirements of available jobs, often due to changes in technology or shifts in the economy. Cyclical unemployment: Cyclical unemployment is caused by fluctuations in the business cycle, leading to periods of economic downturn and reduced demand for labor.
What is a cyclical unemployment?
Cyclical Unemployment results from business recessions that occur when aggregate (total) demand is insufficient to create full employment.Cyclical Unemployment is due to contractions in the economy
What construction of which road caused a decline in the demand for the use of the railroad system?
The construction of the Interstate Highway System in the United States, initiated in the 1950s, significantly contributed to a decline in the demand for the railroad system. This extensive network of highways made road travel and trucking more efficient and convenient, allowing goods to be transported faster and at lower costs. As a result, many businesses shifted from rail to road transport, leading to a decrease in railroad freight and passenger traffic.
What increased production because of demand for supplies and lowered unemployment?
War
What is demand push inflation?
Demand-pull is caused by an increase in aggregate demand.
Structural unemployment?
workers possess skills that aren't in high demand (obsolete)
