|
|
VOLUNTARY UNEMPLOYMENT: Unemployment that results when resources which are willing and able to engage in production choose not to produce output. These are resources (especially labor) that decide to leave one job, often in search of another. The contrast to voluntary unemployment is involuntary unemployment, in which resources are forced out of work.
Visit the GLOSS*arama
|
|
|
|
                          
SWITCHING POINT: The price/time at which the economy switches from the use of one (usually finite) natural resource to a substitute resource. The switching point is reached because increases in scarcity rent and marginal extraction cost cause a gradual depletion of a finite natural resource. As the price rises, buyers search for less expensive substitutes. Eventually the price of a finite resource is equal to the price of a substitute resource. This is the switching point. For example, we are not likely to awaken one day to discover the world's oil supply is gone. Before such time occurs, we will have switched to substitute products like oil shale, gasohol, geothermal, or solar. See also | price | natural resources | scarcity rent | backstop resource | materials balance | recycling |
Recommended Citation:SWITCHING POINT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 19, 2024].
Search Again?
Back to the GLOSS*arama
|
|
|
CONSTRAINED UTILITY MAXIMIZATION The process of obtaining the highest possible level of utility from the consumption of goods or services, under given restrictions, when the highest overall level of utility cannot be reached. The notion of constrained utility maximization is a modification of the more general utility maximization assumption. It is based on the recognition that consumers might be restricted from achieving the absolute maximum level of utility. The primary restrictions tend to be the amount of income available relative to price paid. Constrained utility maximization generally does reach the peak of the total utility curve.
Complete Entry | Visit the WEB*pedia |
|
|
PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope
This isn't me! What am I?
|
|
|
The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
|
|
|
"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
|
|
RMS
Real Market Share
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
