ECON 261 Midterm: Test 3 Review

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Test 3 review for chapters 2,3,15, and 20. Main ideas: the theory of scarcity, measuring choice, or opportunity cost. Assessing the value of one good in terms of sacrifice of another good. This is where we start to look at comparative advantage. And those tools created to produce those goods in which you have comparative advantage in, is at the base of idea of productivity and specialization. Labor force may not always be scarce based on substitution demand for capital and basic structural and frictional forces that will keep that natural rate based on your (local) economy and. The rate may vary significantly if there is cyclical unemployment due to animal spirits . Chapters 15 and 20 : describe and calculate how the bureau of labor statistics (bls) measures unemployment and labor force participation, state causes of frictional, cyclical, and structural unemployment. We think this contributes to natural rate of unemployment (structural).

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