We start by defining the term capitalism. It refers to an economic system where private individuals and business owners own capital goods. Production of goods and services depends on the laws of supply and demand in the market, also known as a market economy–…
Frictional Unemployment-Overview and Examples
Frictional unemployment or search unemployment as it is sometimes called refers to When workers are unemployed and searching for work in a stable healthy economy. It doesn’t matter whether they are fired or leave involuntarily. Others might be returning to work. It’s differentiated from other type of…