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1) GDP- is the value of all goods and services produced by the economy in a given period (year, quarter...)Quantity of goods x Price of goodsNominal GDP- measures values using current prices. (Prices of G...

There are many causes of unemployment. First, it takes a while for workers to find a job and it takes time for firms to find adequate workers.

Minimum wages can also increase unemployment...

Income inequality is a statistical measure concerned with the spread of the distribution of income amongst the population of an economy.

It can be quantified through a variety of measures...