Explain the Differences Among the Frictional, Structural, and Cyclical Forms

question 72

Essay

Explain the differences among the frictional, structural, and cyclical forms of unemployment.

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Definitions:

Net Income

The profit of a company after all expenses and taxes have been subtracted from total revenue.

Average Cost Method

An inventory costing method where the cost of goods sold and ending inventory is determined by averaging the cost of all similar items available.

FIFO

An inventory valuation method that assumes the first items placed into inventory are the first sold, standing for "First In, First Out."

LIFO

Last In, First Out, an inventory valuation method where the goods purchased last are the first to be sold.