Based on the historic average, how many individuals were unemployed for more than six months?
Definitions:
Scarce Resources
Resources such as manpower, materials, and capital, which are limited in availability and essential for production processes.
Bowed Outward
A characteristic of the production possibilities frontier that reflects the increasing opportunity cost of producing one good as more of it is produced, which results in the curve being concave from the origin.
Economy's Resources
The total assets available for production, including land, labor, capital, and entrepreneurship, within a given economy.
Unemployment
The situation when individuals who are able and willing to work cannot find employment, often measured as a percentage of the labor force.
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