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VOLUNTARY UNEMPLOYMENT: Unemployment that results when resources which are willing and able to engage in production choose not to produce output. These are resources (especially labor) that decide to leave one job, often in search of another. The contrast to voluntary unemployment is involuntary unemployment, in which resources are forced out of work.

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Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 21 of 22

Topic: Time of Adjustment <=PAGE BACK | PAGE NEXT=>

There is no specific, absolute time period that separates short run from long run.

Time factors:

  • First: The size of the gap between short-run real production and long-run real production. Bigger gaps take longer to close.
  • Second: Because prices are less rigid going up than down, inflationary gaps tend to close more quickly than recessionary gaps.
  • Third: Adjustment speed depends on the underlying structure of the economy, including things like size, government laws, resource endowments, and culture.
These change over time and differ among countries. But adjustment is usually months not days.

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M2

The medium-range monetary aggregate for the U.S. economy containing the combination of M1 (currency and checkable deposits) and short-term, small denomination near monies. M2 contains financial assets that either function directly as money for the U.S. economy or can be easily and quickly converted into money. The near monies added to M1 to derive M2 include savings deposits, certificates of deposit, money market deposits, and money market mutual funds. M2 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M3.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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