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Essay / Research Paper Abstract
This paper focuses on low unemployment, low inflation, rapid and sustainable economic growth and the avoidance of current account balance of payment deficits. Considers these in the context of aggregate demand. Graph is included.
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7 pages (~225 words per page)
File: D0_JAmicmac.rtf
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Unformatted sample text from the term paper:
these in the context of aggregate demand. Graphs are included. INFLUENCING UNEMPLOYMENT Changing conditions in the labor market and the current rate of the minimum wage do serve
to influence prices. When aggregate demand is increasing, businesses expand output and increase their employment. As the unemployment rate falls, the labor market becomes tighter and it grows
increasingly difficult to hire workers at prevailing wage rates. Businesses therefore tend to offer higher wage rates to attract additional workers. This is where the minimum wage laws become
important in order to keep the economy on balance with the consumer price index. With the aggregate demand increasing, the demand for individual products is strong and the rising
wages can be passed along to consumers in the form of higher prices. This is why falling unemployment rates are associated with increases in the inflation rate. It
is hoped that minimum wage increases will serve to deflect this trend. ECONOMIC GROWTH The economics of economic growth and employment actually is more of a set of propositions
rather than a set economic theory. For instance, it dictates that supply is an important element of economic analysis and that increasing the supply of economic growth is important
for individual welfare and national strength. Additionally, the supply of output depends on the supply of resources or inputs and the supply of resources and also the total output
are affected by public policy. This model of output and employment with regard to economics states that the supply of resources will be influenced by the system and that
an output reduction will make the national income higher than it would otherwise have been and the revenue from the reduction will therefore be less than if the national income
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