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FACTOR ACCUMULATION: An increase in the quantity of the four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. Increases in these "factors of production" enable an economy to produce more goods and services and therefore the long-run expansion of the economy's ability to produce output--that is, economic growth. Economic growth however, is made possible not only by increasing the quantity of the economy's resources, but also by increasing their quality.
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CYCLICAL UNEMPLOYMENT: Unemployment attributable to a general decline in macroeconomic activity, especially expenditures on gross domestic product, that occurs during a business-cycle contraction. When the economy dips into a contraction, or recession, aggregate demand declines, so less output is produced and fewer workers and other resources are employed. Hence unemployment of the cyclical variety increases. Cyclical unemployment is one of four unemployment sources. The other three are seasonal unemployment, frictional unemployment, and structural unemployment. See also | unemployment | aggregate expenditures | gross domestic product | business cycle | contraction | recession | depression | aggregate demand | seasonal unemployment | frictional unemployment | structural unemployment | unemployment sources |
Recommended Citation:CYCLICAL UNEMPLOYMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: cyclical unemployment
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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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ITO
International Trade Organization
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