Podcast
Questions and Answers
Which of the following is an example of structural unemployment?
Which of the following is an example of structural unemployment?
The term mercantilism can best be defined as:
The term mercantilism can best be defined as:
Terrence and his family own a farm in a remote region of Chile. What are they engaging in?
Terrence and his family own a farm in a remote region of Chile. What are they engaging in?
Which of the following is an example of convergence theory in action?
Which of the following is an example of convergence theory in action?
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What was the significance of NAFTA?
What was the significance of NAFTA?
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During what time period did economies begin to develop globally?
During what time period did economies begin to develop globally?
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Keshawn used to work for an IT company in Baltimore, but lost his job when his company decided to use workers in New Delhi instead. This is an example of:
Keshawn used to work for an IT company in Baltimore, but lost his job when his company decided to use workers in New Delhi instead. This is an example of:
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What is one reason unemployment statistics are unreliable?
What is one reason unemployment statistics are unreliable?
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Alex's country was once communist, but now allows limited private ownership. What kind of economy is Alex living in?
Alex's country was once communist, but now allows limited private ownership. What kind of economy is Alex living in?
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Which of the following is an example of polarization?
Which of the following is an example of polarization?
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Study Notes
Structural Unemployment
- Occurs when jobs are available in one area (like Washington D.C.) but not in another area (like Tennessee) despite high unemployment in the latter.
Mercantilism
- Economic policy focused on accumulating wealth through controlling markets using colonies, taxes, and customs charges.
- Emphasizes national wealth, particularly through the acquisition of silver and gold.
Subsistence Farming
- Farming method where families produce enough food solely to meet their own needs, without surplus for sale, as exemplified by Terrence's farm in remote Chile.
Convergence Theory
- Illustrated by Germany's post-World War II economic recovery, which created abundant job opportunities and increased prosperity.
NAFTA Significance
- North American Free Trade Agreement, which enhanced trade opportunities among the United States, Canada, and Mexico by reducing barriers.
Global Economic Development
- Global economies began to take shape during the Agricultural Revolution, shifting from localized systems to interconnected economies.
Outsourcing
- Refers to the practice of relocating jobs overseas, as seen when Keshawn lost his IT job due to the company choosing workers in New Delhi.
Unemployment Statistics Reliability
- Often unreliable because they only consider individuals actively seeking work, potentially excluding many unemployed individuals.
Market Socialism
- Describes an economic system that incorporates some private ownership within a previously communist framework, allowing for market forces to influence production and pricing.
Polarization in Job Markets
- Characterized by job growth at extreme ends of the economic spectrum, with increased opportunities in both low-wage and high-wage jobs, while middle-income jobs stagnate.
Underemployment
- A scenario where individuals are employed in positions that do not utilize their skills or education, such as a graduate working part-time in a job unrelated to their field.
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Description
Test your knowledge of work and economy concepts with these flashcards. This quiz focuses on different types of unemployment and their implications. See how well you understand the factors that affect labor markets and employment trends.
