Examlex
Define contingent work and identify the role subcontracting often plays in contingent work.Also describe the three major types of unemployment.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs, representing the trade-off between different choices in the allocation of resources.
Recession
A significant decline in economic activity across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Depression
A prolonged and severe downturn in economic activity, characterized by high unemployment, falling prices, and reduced levels of trade and investment.
Production Possibilities Frontier
A graph illustrating the maximum possible output combinations for two products that a country can produce given its technological capabilities and quantity of inputs.
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