If a Product Becomes Obsolete and the Workers Who Produced

question 262

Multiple Choice

If a product becomes obsolete and the workers who produced that product will need additional training to find new jobs, they are experiencing _____ unemployment.

• A) frictional
• B) cyclical
• C) full
• D) structural

Differentiate between cognitive therapy and cognitive-behavioral therapy.

Understand the concept of price elasticity of supply and demand.

Distinguish between price elastic and price inelastic supply and demand.

Identify factors that influence the elasticity of supply and demand.

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Definitions:

Cognitive Shortcuts

Heuristic methods or simple strategies used by the human mind to make decisions or solve problems quickly.

Heuristics

Mental shortcuts or rules of thumb that facilitate fast and efficient decision-making, although not always leading to the perfect solution.

Elimination By Aspects

A decision-making approach in which alternatives are evaluated against criteria that have been ranked according to importance.

Additive Strategy

A problem-solving technique that involves systematically adding all possible elements together to find a solution.