Turkey is a middle-income country with high inflation and unemployment rate compared to the developed countries‚ which is located in both Europe and Asia. Suffering hard from the downturn during the late economic crisis‚ leading economic indicators now show Turkey to be on the rebound. For example Turkeys GDP growth compared on a year-on-year basis is showing double digit growth for the last two quarters. However Turkey is still facing many pitfalls to avoid further decline in the economy‚ like increasing
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A. Unemployment. 1. Introduction The problem of unemployment is one of the most serious long-term economic problem challenges in the past decades. Unemployment is a major cost to the economy not just in the terms of lost production‚ but it also involves major‚ long-term social cost such as increased inequality‚ poverty‚ family problems‚ crime and social division. One of the major economic debates of recent decades has been what should be done in order to reduce unemployment. There
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we think it could happen. Forty sates saw their unemployment rates have fall in April‚ but it wasn’t statistically significant. The Labor Department said‚ “ an even better 43 states have seen their jobless rates fall over the past year”. There are three states their an unemployment rate rise in April; Louisiana‚ Tennessee‚ and North Dakota. The state again posted the nation’s lowest level of joblessness‚ at 3.3%. Nevada has the highest unemployment rate but it dropped from 11.5% last year to 9
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the level of local unemployment. “A worker who is employed in an area of high unemployment earns less than an identical individual who works in a region with low joblessness”. ( www.njfac.org/us19.htm last accessed on the 19th March 2014). When price taking behaviour is accepted‚ it changes how macroeconomics is analysed as inflation‚ unemployment‚ monitory policy‚ fiscal policy etc. The wage equation (WS) sets a relationship between the wage (WP) and the level of unemployment (E) in the economy
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Economic Issues Economic Growth Economic Growth involves an increase in the volume of goods and services that an economy produces over a period of time. It is measured by the annual rate of change in real Gross Domestic Product (GDP)‚ i.e. the percentage increase in the value of goods and services produced in an economy over a period of time‚ usually one year‚ adjusted for inflation Aggregate Demand Aggregate Demand (AD) is the total level of expenditure in the economy over a given period
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croChapter 1: A tour of the world 1.1 THE EUROPEAN UNION When macroeconomists study an economy‚ they first look at three variables: * Output – the level of production of the economy as a whole – and its rate of growth. * The unemployment rate – the proportion of workers in the economy who are not employed and are looking for a job. * The inflation rate – the rate at which the average price of the goods in the economy is increasing over time. The economic performance of European
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Causes of unemployment The main cause of unemployment in many countries is competition in the labor market‚ as there are few employment opportunities. This leads to a situation where for every available opportunity‚ there are more than one qualified individuals. This means that when one gets employment‚ others will lack employment. Currently increased technology shifts production from labor intensive to capital intensive. When these machines replace workers‚ they lack employment hence contributes
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bitterly divided and unjust society. Introduction The decline of the traditional industries and the emerging of new industries brought changes which resulted in unemployment and poverty. The world wide slump also contributed to the problems of unemployment to the working class individuals. The national government responded to unemployment in positive and negative ways. The growth of poverty had social and political impacts on the individuals. The essay will conclude on the government’s attempts‚
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the three types of unemployment. What types of government programs would be most effective in combating each type of unemployment? • Cyclical: also called demand deficient‚ cyclical unemployment varies with a country’s business cycle and thus is temporary. Cyclical unemployment is negatively correlated to a country’s GDP – if the economy is expanding‚ cyclical unemployment is low; if the economy is contracting‚ and this type of unemployment rises. Reducing Cyclical Unemployment: Most economists
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ECON 305 MIDTERM A. Multiple choices 1. __________ Given that air pollution is generated as a byproduct of the production of some goods like chemicals A) GDP is adjusted downward to account for this B) GDP is adjusted upward to account for this. C) GDP tends to understate economic welfare. D) GDP tends to overstate economic welfare. E) None of the above. 2. __________ Suppose hamburgers cost $1.20 last year and $1.32 this year‚ and the overall price index (the GDP
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