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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 9: Macro Basics | Unit 2: Macro Problems
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Page: 7 of 16
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- The three major goals of the macroeconomy: full employment, stability and growth, and the limitations to achieve them.
- The three major macroeconomic problems of not reaching the macro goals: production, unemployment and inflation.
- Difficulties in the production of goods and services that result from the demand and supply sides of the economy.
- The problems of unemployment : lost production and personal hardships.
- The problems of inflation: uncertainty, decline value of financial assets, haphazard income and wealth redistribution, and hyperinflation and reduced production.
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PUBLIC CHOICE The study of collective decisions made by groups of individuals, especially those decisions made by government organizations. As the name suggests, public choice is primarily the study of how choices (decisions) are made by the public (government) sector. Such choices are made, in principle, on behalf of the public or all members of society, to correct market failures or imperfections in the private sector. However, in that the world is imperfect on all fronts, the government sector also comes up short in many cases, with inefficient imperfections due to election seeking politicians, ignorant and abstaining voters, special interest groups, and government bureaucracies.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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NEDO
National Economic Development Office
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