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What is an economic condition marked by a drastic decline in production and sales and a severe increase in unemployment?
Wiki User
∙ 14y ago
Depression.
Wiki User
∙ 14y ago
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Disadvantages of free trade?
increases competition increase unemployment economic restructuring increases competition increase unemployment economic restructuring
An economic condition characterized by a mild increase in unimployment and a moderate decline in production and sales?
recession it really is recession
What are the different economic and non economic costs of unemployment?
Economic costs is the decrease in goods and services that occurs as result of unemployment but non-economic cost is the increase in goods and services that occur as result of unemployment.
How has unemployment changed working people's lives in Los Angeles?
It changed people life because unemployment make people poor . More unemployment increase the homeless . Which is really bad for the society . unemployment also increase the economic problems .
How is an immediate effect of an increase in unemployment illustrated on production possibility curve diagram?
a movement of the production point closer to the curve
What impact will a negative demand shock have on the main measures of economic performance?
REal GDP will increase , inflation will increase, and unemployment will decrease
Economic growth in South Africa?
economic growth is the annual rate of increase in total production or income in the economy
Why is unemployment a primary macroeconomic goal?
Think of the 4 factors of production: Land, Labor, Capital and Enterprise. Each of these factors need to be maximized in order to get to the potential output level as illustrated in a Production Possibility curve. In order to fully utilize Labor, everyone needs to be employed and working at full capacity. Hence, low unemployment can lead to an improved production capacity which in turns increase economic efficiency and possible lead to growth and/or development.
Sometimes at the beginning of an economic boom total employment increases sharply but the unemployment rate does not fall Why might this occur?
An economic booms leads to more people entering the labor market, which is why employment can increase significantly, even if the unemployment rate overall does not fall. Wages typically increase during a boom.
What were some of the goals of the American Recovery and Reinvestment Act of 2009?
Save existing jobs, increase federal funding for unemployment benefits, and increase economic activity.
What indicators does not measure economic growth?
Economic growth can be measured in nominal terms, which include inflation. The growth of an economy is thought of not only as an increase in productive.
Why is low unemployment a primary macroeconomic goal?
Think of the 4 factors of production: Land, Labor, Capital and Enterprise. Each of these factors need to be maximized in order to get to the potential output level as illustrated in a Production Possibility curve. In order to fully utilize Labor, everyone needs to be employed and working at full capacity. Hence, low unemployment can lead to an improved production capacity which in turns increase economic efficiency and possible lead to growth and/or development.
