What are the main causes of Unemployment Many Theories are given by different expert to explain the reasons behind unemployment. One reason of unemployment may be downswings (periods of recession) in the business cycle. Another reason behind wide-scale unemployment refers to structural unemployment. Structural unemployment arises from longer-term changes in the economy, affecting specific industries, … Read more
Describe the value of the one we pick in terms of the value we place on our next best choice. One of the key concepts in economics is an opportunity cost, which simply put, is the value we place on our second choice. That is when presented with a number of choices, describe the value … Read more
How would this situation be described in terms of Positive economics Instructions Define and Explain: Normative & Positive Economics Evaluation Title: Normative and Positive Economics Create your work into a Microsoft Word document and answer the following. Define: Briefly define the following two terms in your own words: Positive economics Normative economics Each definition should … Read more
Explain how diminishing marginal utility results in the need for consumers to make choices. Instructions Another key concept in economics is utility, as in all of the benefits that can be gained from consuming something. It is assumed that benefits typically decrease the more they are consumed. For example, someone may want a hot dog … Read more
Think about laissez-faire capitalism and communism as opposite end points on a continuum. Introduction to Sociology Instruction: Think about laissez-faire capitalism and communism as opposite end points on a continuum. Why are these opposites? What economic systems are somewhere in between these two extremes? What kind of economy does the United States have? How does … Read more
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