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Much publicity has been made about the rise in unemployment in manufacturing industries in the US during a period of sluggishness in trying to recover from the 2008-09 recession. However, with the 2017 real GDP being close to its natural level, manufacturing firms complain that they have plenty of job openings, but cannot find workers whose skills match up well with the positions. Apply the concepts of structural and cyclical unemployment to contrast this decline in manufacturing employment in a sluggish economy versus a healthy economy.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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