Sample Essay

In economics inflation is generally used to refer to the general increase in the prices of major commodities based against a certain standard level of purchasing power. In most cases and the common practice in many economies is to use a certain year which had a relatively normal or average performance as a base year.

On the other hand the labor force is defined as the number of people who are employed in addition to those who are actively seeking work. The unemployment rate thus is viewed as the total labor force less the people who are currently employed. In many developed economies the unemployment rate is usually low and the economy is close to full employment. This is not necessarily true for china since the country still exhibits large populations of unemployed persons mainly in mainly in mainland rural china.

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