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You have been hired as an economic advisor for a developing country.You have been asked to focus on education as a means for the country's development.Explain to the prime minister how improving education and training can contribute to his country's economic growth,and why it is important for the government to take a proactive role in promoting education.
Market Equilibrium
This is the condition in a market where the quantity supplied equals the quantity demanded at a certain price level, leading to a stable market situation where there is no tendency for change.
Classical Employment Theory
An economic theory suggesting that the market for labor will always clear, meaning unemployment would only be temporary and the labor market would adjust through wage changes.
Loanable Funds Market
A theoretical market in which borrowers and lenders negotiate loans or savings, determining the interest rates through supply and demand for funds.
Unemployment
The situation of being jobless and actively looking for work but unable to find a job.
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