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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.
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FRICTIONAL UNEMPLOYMENT Unemployment attributable to the time required to match production activities with qualified resources. Frictional unemployment essentially occurs because resources, especially labor, are in the process of moving from one production activity to another. Employers are seeking workers and workers are seeking employment, the two sides just have not matched up. This mismatch is largely the result of limited information, which is often compounded by geographic separation between producers and resources. Frictional unemployment is one of four unemployment sources. The other three are cyclical unemployment, seasonal unemployment, and structural unemployment. Frictional and structural unemployment are the two components of natural unemployment.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"The art of leadership is saying no, not yes. It is very easy to say yes. " -- Tony Blair, British prime minister
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KSE
Korea Stock Exchange
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