Answer to Question 1
Full employment is the level of unemployment that corresponds to normal friction in the labor market. Since a dynamic economy will always experience changes in demand for goods and services, there will always be some frictional unemployment. Frictional unemployment refers to the unemployment resulting from the time people spend between jobs, looking for other work.
Answer to Question 2
When the market fails to provide certain goods and services, there is a clear case for government intervention. If left to the free market mechanism, no public goods would be provided and, as a result, there would be a clear market failure. Public goods can be used by one person without reducing availability of the good for consumption by others (non-rival) at no additional cost and once the good is produced, it is usually impossible, or at the very least difficult, to exclude anyone from consuming it (non-excludable). Due to these results, consumers can take advantage of public goods without contributing sufficiently to their creation. This is called the free rider problem.
Changes in the abundance and egg-hatching success rate of prairie chickens.
(a) Yucca baccata in full flower; (b) a Yucca moth, Tegeticula planella, ovipositing on a Yucca flow
Rate enhancement by entropy reduction
Enzymatic rate enhancements
Effect of Increasing the Investment Rate on the Steady State
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