1. You may have experienced some of the hardships stemming from you or one of your family members losing a job. Are there additional costs experienced by the economy when unemployment increases?
2. Does getting large raises in your paycheck mean you're better off? What if prices are going up even faster? How do we know if prices are rising? Have prices and wages gone up, down, or remained relatively steady over the past few years?
3. How can you tell if the job market is strong or not? If you don't have a job, does that mean you're counted as unemployed?
4. Describe the process through which money is created. Explain how current events-events less than 90 days-have affected this process and the effect current events will have on the economy as a whole.© BrainMass Inc. brainmass.com December 15, 2020, 6:18 pm ad1c9bdddf
Unemployment has a broad impact on the economy. Similarly, the rate for which wages increase relative to prices can have an undesirable economic impact. This solution addresses these issues and discusses how "unemployment" is defined and the effect of money creation on the economy.