-In the figure above, if information technologies are introduced that are complements for high-skilled workers and substitutes for low-skilled workers, the wage rate of high-skilled workers will ________ and the wage rate of low-skilled workers will ________.
Definitions:
Large Aggregates
Broad categories or totals in economic data that combine several individual elements, such as national income, GDP, or total employment.
Economy as a Whole
A broad view of all the economic activities and transactions in a country or region, encompassing consumer, business, and government spending, investments, and trade balance.
Scarcity Problem
A situation where unlimited wants exceed the limited resources available to fulfill those wants, necessitating prioritization and decision-making.
Economic Wants
Desires for goods and services that individuals and businesses are willing to pay for, which drive economic activity and resource allocation.
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