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JOB LEAVERS: Unemployed workers who have voluntarily quit their current jobs and have immediate sought other employment. This is one of the official categories or unemployed workers tracted by the Bureau of Labor Statistics when compiling employment statistics and the unemployment rate. It is also a key to the theoretical notion of frictional unemployment.

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Lesson 4: Production Possibilities | Unit 1: Getting Started Page: 2 of 24

Topic: Assumptions <=PAGE BACK | PAGE NEXT=>

Every economic analysis builds on certain preconditions or assumptions. Assumptions, whether reasonable or seemingly unrealistic, let us:
  1. Establish abstract benchmarks for comparison or
  2. Break an analysis into simpler, more easily manageable parts.

Four key assumptions:

  • Two Goods: Resources are used to produce one or both of only two goods. This is a simplifying assumption that lets us display graphs on the screen.
  • Fixed Resources: The quantities of the labor, capital, land, and entrepreneurship resources do not change. This is a reasonable assumption that we can change to analysis resource changes.
  • Fixed Technology: The information and knowledge that society has about the production of goods and services is fixed. This is another reasonable assumption that we can change to analysis technology changes.
  • Technical Efficiency: Resources are used in a technically efficient way. We get the maximum possible production out of the resource inputs.

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AGGREGATE EXPENDITURES EQUATION

An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

-- Pablo Picasso, artist

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