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In the simple circular-flow diagram, who owns the factors of production?
Long-Term Unemployment
Refers to individuals who have been jobless for 27 weeks or longer while actively seeking employment during that time.
Labor-Force Participation
The ratio of the working-age group that is involved in the labor market, being either in employment or actively searching for a job.
Since 1950
A phrase indicating a time frame that starts from the year 1950 to the present, often used to denote changes or developments over that period.
Comparative Advantage
The ability to produce a good at a lower opportunity cost than another producer
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