Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Connect with professionals on our platform to receive accurate answers to your questions quickly and efficiently. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.
Sagot :
Forgone output is the fundamental economic cost of unemployment. So, output (option (b)) is the right choice.
Forgone labour output
Forgone labour output is the amount of money that persons would have made over the course of their remaining working lives, discounted to the current year if they had not passed away too soon. Forgone labour production, like other accounting metrics like the Gross Domestic Product (GDP), is not meant to represent a gauge of society's prosperity. This brings us to the welfare-based approach, which is the second method for estimating the costs of premature death.
The potential for the production of goods and services is lost forever when the economy fails to provide enough jobs for everyone who is able and willing to work.
Learn more about Forgone labour output here:
https://brainly.com/question/16690539
#SPJ4
Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.
