Structural Unemployment: (Definition, 3 Causes & Example)
Structural unemployment occurs when there is a change in the economic demand for a set skill or job.
Macroeconomics
The branch of economics that looks at the economy as a whole. It looks at factors which affect the wider economy rather than individuals. Examples include inflation, trade, unemployment, and economic growth.
Cyclical Unemployment: (What it is, 3 Causes & Example)
Cyclical unemployment is where unemployment trends in line with the business cycle.
Subsidies: Definition, Examples, Pros & Cons
Subsidies are government grants given to private companies, usually to keep prices down.
Fiat Money: How it works, Examples, Pros & Cons
Fiat money is a type of currency whereby the value is guaranteed by government decree.
The Importance of Free Trade
True free markets don’t exist anywhere in the world. This is because free markets and free trade go hand in hand. There exists no country that has free trade with every other. Although Hong Kong doesn’t operate a tariff regime, it is unable to export its products and services to others free of tariffs. Free market ideologies such as neoliberalism are attacked and concluded that they have failed.
