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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.
What else can I help you with?
Which of these is a macroeconomic goal that economic systems try to achieve?
low unemployment
Why is high unemployment a macroeconomic issue?
High unemployment is a macroeconomic issue as it deals with economy and population at large.
What are the macroeconomic goals?
discuss the macroeconomic goal?
Which type of unemployment is the focus of macroeconomic policy?
Cyclical unemployment
Which is an illustration of a macroeconomic question?
the relation of inflation and unemployment can be macroeconomic illustration. both these topics deals with macro economy.
What are the current macroeconomic problem in South Africa?
inflation,transportation,unemployment
What is the primary goal of programs such as unemployment benefits and low-income food programs?
To provide for the needs of the people
What are the three statistics for measuring macroeconomic health?
real GDP inflation unemployment
The amount by which potential GDP exceeds actual GDP is one measure of the?
Macroeconomic cost of unemployment
Why is an unemployment rate of zero per cent not a feasible macroeconomic goal?
There are too many people who can't work or don't want to work. A zero unemployment rate would also mean that any new jobs would have to be filled entirely with new workers or those taken from other employment.
. Which macroeconomic goal is generally measured by Gross Domestic Product?
economic growth
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.
