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ALTERNATIVE UNEMPLOYMENT RATES: The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked by the BLS, officially labeled U1-U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be underutilized, including unemployment duration, job losers, discouraged workers, marginally-attached workers, and part-time workers.

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Lesson 13: The Firm | Unit 2: Objectives Page: 8 of 24

Topic: Profit And Maximization <=PAGE BACK | PAGE NEXT=>

  • The guiding principle that prompts business firms to do what business firms do is profit maximization:

  • Profit maximization is the process of obtaining the highest possible level of profit through the production and sale of goods and services.
  • The notion of profit.

  • Profit is the difference between the total revenue a firm receives from producing and selling output and the total cost of producing that output.
  • Profit is also known in many business circles by the terms net revenue, net income, and net earnings.

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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The average length of a "business lunch" is about 36 minutes.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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