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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 16 of 20

Topic: Less Demand and More Supply <=PAGE BACK | PAGE NEXT=>

Here we have demand decreasing (tastes change) and supply increasing (technological breakthrough).
  • A decrease in demand causes a decrease in both price and quantity.
  • An increase supply causes price to decrease and quantity to increase.
  • The combined effect is an obvious decrease in price but a questionable change in quantity.
  • At the new equilibrium the quantity is indeterminant.
  • If demand and supply curve shift in opposite directions, then quantity is indeterminant, but price is known.

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MARGINALLY-ATTACHED WORKERS

People who are willing and able to work, who have either held a job or searched for employment within the last year, but are not actively seeking employment. Discouraged workers, people who are willing and able to engage in productive activities, but due to their overwhelming lack of success believe that any effort to find a job will be fruitless so they have stopped seeking employment, fall within this broader category of marginally-attached workers. People can be marginally attached to the labor force for a variety of reasons, discouraged workers, in contrast, achieve their designation specifically because they believe search efforts are not worthwhile.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for mail order catalogs with hidden messages.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

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