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According to this model, the prime labor supply source of the industrial sector is the agricultural sector, due to redundancy in the agricultural labor force. (B) shows the labor supply curve for the industrial sector S. PP 2 represents the straight line part of the curve and is a measure of the redundant agricultural labor force on a graph ...
Advanced Placement (AP) Macroeconomics (also known as AP Macro and AP Macroecon) is an Advanced Placement macroeconomics course for high school students that culminates in an exam offered by the College Board.
For example, assume that the growth of labor productivity is the same as that in the trend and that current productivity equals its trend value: gZ = gZ T and Z = Z T . The markup reflects both the firm's degree of market power and the extent to which overhead costs have to be paid.
Transition economics is a special branch of economics dealing with the transformation of a planned economy to a market economy. It has become especially important after the collapse of Communism in Central and Eastern Europe. Transition economics investigates how an economy should reform itself to endorse capitalism and democracy.
Fig. 4. Labor participation. In economics, Okun's law (named after Arthur Melvin Okun), is an empirically observed relationship relating unemployment to losses in a country's production. This correlation "law" states that a 2% decline in output (GDP) will be accompanied by a 1% rise in unemployment.
Demographic economics or population economics is the application of economic analysis to demography, the study of human populations, including size, growth, density, distribution, and vital statistics.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth.In contrast to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.