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Visionary projections of the future can be divided into two kinds: optimistic and pessimistic.Although the text states that we most likely will not need to choose between the two extreme scenarios of optimism and pessimism,discuss which projection you see as more likely to occur and why.
Equilibrium Level
The state in a market where supply equals demand, resulting in stable prices and quantities where no economic forces are unbalanced.
Efficiency Wages
Wages set above the equilibrium level by employers to increase worker productivity, motivation, and loyalty.
Worker Turnover
The rate at which employees leave a company and are replaced by new employees, often used as an indicator of workplace satisfaction and stability.
Production Costs
The total expenses incurred in the manufacture of a product or the delivery of a service, including labor, materials, and overhead costs.
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