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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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Lesson 14: Production | Unit 5: Supply Page: 23 of 25

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A review:
  • Production: Each production operation, for example, combines assorted labor, capital, and land inputs (through the organization of risk-taking entrepreneurship) to produce valuable goods and services.

  • Short-run Production: Each production operation, regardless of whimsical name, is guided by the basic short-production principle -- the law of diminishing marginal returns.

  • Long-run Production: Each production operation also engages in long-run planning even while it is engaged in short-run production.

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UNEMPLOYMENT REASONS

People can be unemployed for a variety of reasons. The Bureau of Labor Statistics (BLS) notes five prime reasons for being unemployed: (1) job losers, (2) job leavers, (3) those who have completed temporary jobs, (4) re-entrants, and (5) new entrants.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for defective microphones.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. "

-- Mary Kay Ash, May Kay Cosmetics founder

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