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HEDGING: Buying or selling futures contracts to protect against price changes. This is a common form of "insurance" used by those who produce various commodities, such as wheat, cattle, coffee, and natural gas, as well as those who buy these commodities as inputs.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 5 of 16

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

Unemployment exists when resources, specially labor, are willing and able to produce goods but are not employed because no one is buying production.
  • Voluntary unemployment occurs when people choose not to work.
  • Involuntary unemployment occurs when people are willing to work, but can't find employment.
Unemployment problems:
  • The economy suffers because unemployed resources are not producing goods to lessen the scarcity problem.
  • The unemployed suffer personal hardships and a lower living standard.
Production lost from unemployed resources can never be recouped.

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DISEQUILIBRIUM, SHORT-RUN AGGREGATE MARKET

The state of the short-run aggregate market in which aggregate expenditures are NOT equal to real production, which result in imbalances that induce changes in the price level, aggregate expenditures, and real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) are out of balance. At the existing price level, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the real production that they seek or producers are unable to sell all of the real production that they have.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?

In the early 1900s around 300 automobile companies operated in the United States.
"Anyone who has never made a mistake has never tried anything new. "

-- Albert Einstein, physicist

LRAS
Long Run Aggregate Supply
A PEDestrian's Guide
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