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November 26, 2021 

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BUREAUCRAT: Someone who works in a bureaucracy. Usually the term bureaucrat is used as a deregulatory, even profane, description of a government employee (such as "that dirty faceless bureaucrat"), indicating that the person would need serious genetic restructuring to be included in the human race. Closer genetic inspection (and the theory of public choice), however, indicates that the real culprit is complex bureaucracies and the rules under which they operate.

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STRUCTURAL UNEMPLOYMENT: Unemployment caused by a mismatch between workers' skills and skills needed for available jobs. Structural unemployment essentially occurs because resources, especially labor, are configured (trained) for a given technology but the economy demands goods and services using another technology. Employers seek workers how have one type of skill and workers who seek employment have a different type of skill. This mismatch in skills, which is largely the result of technological progress, creates unemployment of the structural variety. Structural unemployment is one of four unemployment sources. The other three are cyclical unemployment, seasonal unemployment, and frictional unemployment.

     See also | unemployment | cyclical unemployment | frictional unemployment | seasonal unemployment | unemployment sources | discouraged workers | technology | economic growth | human capital |


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STRUCTURAL UNEMPLOYMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: November 26, 2021].


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AVERAGE VARIABLE COST

Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.

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