Explain Unemployment, Growth, and the Future
Explain Unemployment, Growth, and the Future?
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A. Unemployment and productive inefficiency occur when the economy is producing less than full production or inside the curve.
B. In a growing economy, the production possibilities curve shifts outward.
1. When resource supplies expand in quantity or quality.
2. When technological advances are occurring.
C. Present choices and future possibilities: Using resources to produce consumer goods and services represents a choice for present over future consumption. It represents a choice for future over present goods by using resources to invest in education, technological advance, as well as capital goods. The conclusion in the present will create more/less economic growth in the future as how to deal out resources.
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Briefly explain the term Average cost and Marginal cost?
Define the term Market Economy and also state its advantages and disadvantages?
Give a brief introduction of the term Risk factor?
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Illustrate the Public Sector Government’s Role of providing the legal structure?
Elucidate the use of money as a medium of exchange in Market System?
Evaluate and explain the statements: “Competition is the essential despot of the market economy”.
What do you mean by Supply?
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