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February 9, 2023 

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FACTORS OF PRODUCTION: The four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. These are also called resources or scarce resources. The term "factors of production" is quite descriptive of the function these "resources" perform. Labor, capital, land, and entrepreneurship are the four "factors" or items use in the "production" of goods and services. So there you have it "factors" of "production."

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PERFECT COMPETITION CHARACTERISTICS: The four key characteristics of perfect competition are: (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics mean that a given perfectly competitive firm is unable to exert any control whatsoever over the market.

     See also | perfect competition | assumption | mobility | industry | firm | technology | market | price taker | price maker | substitute | resources | barrier to entry | perfect competition and demand | perfect competition and efficiency | perfect competition and short-run supply curve | monopoly | monopolistic competition | oligopoly |


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PERFECT COMPETITION CHARACTERISTICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 9, 2023].


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SEASONAL UNEMPLOYMENT

Unemployment attributable to relatively regular and predictable declines in particular industries or occupations over the course of a year, often corresponding with the climatic seasons. Unlike cyclical unemployment, which may or may not occur at any given time, seasonal unemployment is an essential part of many jobs. For example, a regular, run-of-the-mill, department store Santa Clause can count on 11 months of unemployment each year. Seasonal unemployment is one of four unemployment sources. The other three are cyclical unemployment, frictional unemployment, and structural unemployment.

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