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VOLUNTARY UNEMPLOYMENT: Unemployment that results when resources which are willing and able to engage in production choose not to produce output. These are resources (especially labor) that decide to leave one job, often in search of another. The contrast to voluntary unemployment is involuntary unemployment, in which resources are forced out of work.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 17 of 25

Topic: Perfectly Elastic <=PAGE BACK | PAGE NEXT=>

  • At one end of the elasticity continuum is perfectly elastic:

  • Perfectly elastic is an elasticity alternative in which infinitesimally small changes in one variable (price) cause infinitely large changes in another variable (quantity).
  • This works for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

  • Perfectly elastic demand and supply are represented by horizontal demand and supply curves.

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BANK LIABILITIES

What a bank owes, including most notably customer deposits. Bank liabilities are typically listed on the right-hand side of a bank's balance sheet. Bank assets, what a bank owns, are listed on the left-hand side of a bank's balance sheet. Net worth is the difference between assets and liabilities. The most important liability category of most bank is checkable deposits, which is part of the economy's M1 money supply. The largest liability category includes other types of deposits (especially savings deposits, certificates of deposit, and money market deposits) that enter into the M2 and M3 monetary aggregates.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for crowded shopping malls.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth and his humanity. "

-- Peter Drucker, author

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