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When the productive capacity of the economic system of a state is inadequate to create sufficient number of jobs it is called?
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∙ 12y ago
cyclical unemployment
Wiki User
∙ 12y ago
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What is economic slack?
The unused portion of the economic productive capacity.
What is opposite of economic?
productive
Which economic goal is associated with the idea of achieving maximum fulfillment of economic wants using the available productive resources?
Economic efficiency.
What is an economic or productive factor required to accomplish an activity?
resource
What are the techniques of economic efficiency in health care?
allocative efficancy productive efficancy
What is economic slack?
The unused portion of the economic productive capacity.
What is opposite of economic?
productive
Which economic goal is associated with the idea of achieving maximum fulfillment of economic wants using the available productive resources?
Economic efficiency.
What is an economic or productive factor required to accomplish an activity?
resource
Why were mercantalist thinkers concerned with the acquisition of specie as opposed to overall productive capacity?
Mercantilist thinkers believed that a nation's wealth and power were directly tied to the amount of precious metals (specie) it possessed. They thought that a positive balance of trade, where a nation exported more than it imported, would lead to an influx of specie and increased prosperity. This focus on accumulating specie overshadowed the importance of overall productive capacity in their economic theories.
Define the term economic?
Economic growth can be further split into Actual growth and potential growth.Actual growth is the increase in the GDP of the economy represented by the rightward shift of the Aggregate Demand.Potential growth is the increase in the productive capacity or the maximum possible output of an economy. this is represented by the rightward shift of the Aggregate Supply.
In an economic system decisions need to be made about productive resources and which of the following?
Allocation
What are the techniques of economic efficiency in health care?
allocative efficancy productive efficancy
The performance of a particular productive task within an economic system?
A productive task within an economic system usually benefits many individuals within the system. The performance of these tasks will ultimately improve the economy in the long term.
Define the term Economic growth?
Economic growth can be further split into Actual growth and potential growth.Actual growth is the increase in the GDP of the economy represented by the rightward shift of the Aggregate Demand.Potential growth is the increase in the productive capacity or the maximum possible output of an economy. this is represented by the rightward shift of the Aggregate Supply.
How do firm's grow?
In economic terms firms can grow internally- this is where a firm increases there productive capacity by increasing their factors of productions, this could be; labour, land, capital or enterprise. This is normally a naturally occurring growth, as a business becomes more successful the demand for their products increases thus it is necessary to increase the productive capacity of the firm in order to supply for this demand thus exploiting all consumer demand and making as much profit as possible.
What is the key economic concept that serves as the basis for the study of economics is?
efficient use of limited productive resources to satisfy economic wants.
