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POVERTY LINE: The official measure of the income needed by a family based on family size, location, and characteristics of the head of the household. The official U.S. poverty line is based on more of a relative poverty level rather than an absolute poverty level. For example, a family of two living in a rural area would need a different amount of money to stay above the official poverty line that would a family of four living in a city.

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Lesson 9: Macro Basics | Unit 2: Macro Problems 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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FACTOR DEMAND ELASTICITY

The elasticity of a factor demand curve is affected by four items: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded becomes more or less sensitive to changes in the factor price.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for strangers with large satchels of used undergarments.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

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