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Eco 202 Homework Ch.18

Eco 202 Homework Ch.18 - seeking employment Demand for the...

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James Hughes Eco 202 Ch.18 Homework 1. Inflation can be defined as a increase in consumer prices or the downward turn in the amount of power money has as credit and currency have surpassed the available services and goods. I don’t think we can clearly determine the reason for the price level changes with the information given as these are separate commodities and we know that a supply and demand issue is causing the price changes but the low catch numbers in the fishing industry. 2. Unemployment is the excess of labor supplied over the labor that is demanded and the people who are considered unemployed are the workers that don’t have a job but are
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Unformatted text preview: seeking employment. Demand for the goods or services of the employer must be giving a producing a need for a certain number of workers and employers will continue to hire as long as profits call for it. The opportunity cost of a job has to do with value of working over the value of leisure. 3. Keeping the economy turning is the big goal and when unemployment rates get to low then there is a reason for and job creation and company growth are at a standstill. 4. The output per worker is increasing thus causing a rise in productivity with fewer workers....
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