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RISK AVERSE: A person who values a certain income more than an equal amount of income that involves risk or uncertainty. To illustrate, let's say that you're given two options--(A) a guaranteed $1,000 or (b) a 50-50 chance of getting either $500 or $1,500. If you chose option A, then you're risk averse. Both options give you the same "expected" values. In other words, if you select option B a few hundred times, then your average amount over those few hundred times is $1,000.
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UNEMPLOYMENT PROBLEMS: The unemployment or resources, especially labor, is one of the more important macroeconomic issues facing economists and government leaders. The two key problems are: personal hardships and lost production. When resources don't produce goods, their owners don't earn income. The loss of income results in less consumption and a lower living standard. If fewer resources are engaged in production, fewer goods and services are produced. A decline in the income, consumption, and production associated with unemployment triggers further declines in income, consumption, and production. Members of society who might escape the direct, immediate personal hardships of unemployment can succumb to the indirect, multiplicative problems of lost production. See also | unemployment | resources | labor | macroeconomics | inflation | Great Depression |
Recommended Citation:UNEMPLOYMENT PROBLEMS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: September 13, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: unemployment problems
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PRIVATE PROPERTY An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Just as iron rusts from disuse, even so does inaction spoil the intellect. " -- Leonardo da Vinci, architect, artist
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APR
Annual Percentage Rate
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