A Belief in _____ Helps Explain Why Some Are Not

question 83

Essay

A belief in _____ helps explain why some are not concerned about the wage gap between the rich and the poor.

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Definitions:

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.

Inefficient

Lacking in productivity and not making the best use of resources, resulting in wasted effort or economic inefficiencies.