Category: Education
Created by: zzcgood
Number of Blossarys: 7
English (EN) 
Unemployment attributable to the time required to match production activities with qualified resources. Frictional unemployment essentially occurs because resources, especially labor, are in the ...
The relative response of a change in demand to a relative change in the price of another good. More specifically the cross elasticity of demand can be defined as the percentage change in demand for ...
Rational expectations is a hypothesis in economics which states that agents' predictions of the future value of economically relevant variables are not systematically wrong in that all errors are ...
Two goods that "go together," either in consumption or production. In terms of demand, a complement-in-consumption is one of two goods that are consumed together such that an increase in the price of ...
The continuous movement of production, income, and resources between producers and consumers. This flow moves through product markets as the gross domestic product of our economy and is then the ...
The quantity exchanged between buyers and sellers when a market is in equilibrium. The equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied, which means ...
By: zzcgood