Cyclical unemployment is a form of unemployment that occurs as a result of an economic decline or periods of negative economic growth in a business cycle. Other names for cyclical unemployment are “deficient-demand unemployment” or “Keynesian unemployment”.
In 2010, the U.S. saw the passage of the historic Affordable Care Act (ACA) which was the most significant piece of health policy legislation in fifty years.
Externalities are a form of market failure. Externalities are defined as the spillover effects of the consumption or production of a good that is not reflected in the price of the good.
The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy.
Price Elasticity of Demand (PED) is defined as the responsiveness of quantity demanded to a change in price. The demand for a product can be elastic or inelastic, depending on the rate of change in the demand with respect to the change in the price.
The economic growth of a country is the increase in the market value of the goods and services produced by an economy over time.