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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.

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TOTAL COST: The opportunity cost incurred by all of the factors of production used by a firm to produce of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed. cost.

     See also | opportunity cost | production | quantity | wage | rent | interest | normal profit | factors of production | short-run production | total variable cost | total fixed cost | economic profit | total revenue | externalities | accounting cost | average total cost | marginal cost |


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TOTAL COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: August 7, 2020].


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RATIONING

The distribution or allocation of a limited commodity, usually accomplished based on a standard or criterion. The two primary methods of rationing are markets and governments. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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