Asked by
Sumaiya Razak
on Oct 13, 2024
Verified
Referring to a production possibilities curve and the goods being compared,depict the economic event.The economy moves from full employment to a serious recession (capital goods vs.consumer goods) .
A) A movement from a point inside the curve to a point on or near the curve
B) A movement from a point on or near the curve to a point inside the curve
C) A shift in the entire curve to the right (outward)
D) A shift in the entire curve to the left (inward)
E) A movement along the curve
Full Employment
A situation in which everyone who wants to work can find employment at prevailing wage rates.
Serious Recession
A drastic downturn in economic activity across the economy that lasts for an extended period, often characterized by significant declines in GDP and other economic indicators.
- Identify the differences among distinct phases of employment (like full employment, depression, recession) and their illustration on economic diagrams.
- Analyze the repercussions of historical activities and changes in society on countries' economies and their ability to produce.
Verified Answer
AW
Learning Objectives
- Identify the differences among distinct phases of employment (like full employment, depression, recession) and their illustration on economic diagrams.
- Analyze the repercussions of historical activities and changes in society on countries' economies and their ability to produce.