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OCCUPATIONAL MOBILITY: The mobility, or movement, of factors of production from one type of productive activity to another type of productive activity. In particular, occupational mobility is the ease with which resources can change occupations. For example, a worker leaves a job as an accountant to takes a job as a computer programmer. Some factors are highly mobile and thus can easily moved jobs. Other factors are highly immobile and not easily able to switch production activities.
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Lesson 4: Production Possibilities | Unit 4: Analysis
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Page: 18 of 24
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- How full employment is represented by any bundle ON the production possibilities curve and unemployment is represented by any bundle INSIDE the production possibilities curve.
- The production possibilities curve as a frontier or boundary that cannot be cross give current quantities and qualities of resources.
- How the process of economic growth expands the production possibilities curve to reach previously unreachable bundles of goods.
- How economic growth is achieved by increasing the quantity or quality of resources.
- Five important sources of economic growth-the quantity of labor, the quantity of capital, the quantity of materials, education, and technology.
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CONSUMPTION The use of resources, goods, or services to satisfy wants and needs. At the macroeconomic level, consumption is reflected as expenditures by the household sector on gross domestic product. At the microeconomic level, consumption is important to utility, demand, and market exchanges. Consumption is the ultimate goal of economic activity.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market looking to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Cherish your visions and your dreams as they are the children of your soul; the blue prints of your ultimate achievements." -- Napoleon Hill, Author
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TFP
otal Factor Productivity
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