Employment Growth Informational and other Issues test - 3

inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.

An informal sector is an unorganised sector of the economy. It includes all enterprises that hire less than 10 workers, except farming and self employment ventures. Therefore, an establishment with four hired workers is known as informal sector establishment.

Supply side policies aim to increase long term competitiveness and productivity. For example, it was hoped that privatisation and deregulation would make firms more productive and competitive. Therefore, in the long run, supply side policies can help reduce inflationary pressures. However, supply side policies work very much in the long term; they cannot be used to reduce sudden increases in the inflation rate.

Inflation is a significant economic indicator for a country. The inflation rate is the rate at which the general rise in the level of prices, goods and services in an economy occurs and how it affects the cost of living of those living in a particular country. It influences the interest rates paid on savings and mortgage rates but also has a bearing on levels of state pensions and benefits received.

Disguised unemployment is defined as a situation when marginal productivity of labour is zero or negative.

Those persons who can produce goods and services constitute the potential labour force. 

Labor that falls under the underemployment classification includes those workers who are highly skilled but working in low paying jobs, workers who are highly skilled but working in low skill jobs and part-time workers who would prefer to be full time.

An economy that is experiencing growth without an expansion of jobs challenges investors, employees and industries to adapt to the new economic order.

Open unemployment is a condition in which people have no work to do. They are able to work and are also willing to work but there is no work for them. They are found partly in villages, but very largely in cities. 

The primary sector of the economy extracts or harvests products from the earth. The primary sector includes the production of raw material and basic foods. Activities associated with the primary sector include agriculture (both subsistence and commercial), mining, forestry, farming, grazing, hunting and gathering, fishing, and quarrying. The packaging and processing of the raw material associated with this sector is also considered to be part of this sector.