Unemployment exists in every economy around the world. However, the percentage of unemployed workers and the reasons why they were laid off can be very different. Therefore, economists can use unemployment data as an economic indicator to assess the health of an economy. To do this, they differentiate between at […]
Read moreMonth: September 2017
Types of Costs of Production
To analyze and understand firms’ production decisions it is important to know the different types of costs they face during this process. There are a number of different types of costs of production that you should be aware of: fixed costs, variable costs, total cost, average cost, and marginal cost. […]
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