Oliver took a job at Walmart. He was willing and able to work 40 hours. They are only using him for 30 hours. The economic term we use to label people or resources not used to full capacity is ____________________.
Oliver took a job at Walmart. He was willing and able to work 40 hours. They are only using him for 30 hours. The economic term we use to label people or resources not used to full capacity is ____________________.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Oliver took a job at Walmart. He was willing and able to work 40 hours. They are only using him for 30 hours. The economic term we use to label people or resources not used to full capacity is ____________________.
Expert Solution
Step 1
In the given scenario, Oliver is willing to work for 40 hours but the Walmart is using him for 30 hours which implies Walmart is not using the available resources fully. This implies Olivier's work is not fully utilized by Walmart. Thus, the difference of 10 hours (40-30) is not utilized implies that Olivier is underutilized. Therefore, economic term we use to label people or resources not used to full capacity is underutilized.
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