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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.

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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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SAVING-INVESTMENT MODEL

A variation of the Keynesian injections-leakages model that includes the two private sectors, the household sector and the business sector. This variation, more formally termed the two-sector injections-leakages model, captures the interaction between induced saving (and indirectly induced consumption expenditures) and autonomous investment expenditures. This model provides an alternative to the two-sector aggregate expenditures (Keynesian cross) analysis of the macroeconomy, including equilibrium, disequilibrium, and the multiplier. Equilibrium is identified as the intersection between the saving line and the investment line. Two related variations are the three-sector injections-leakages model and the four-sector injections-leakages model.

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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for slow moving vehicles with darkened windows.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

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