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SEASONAL UNEMPLOYMENT: Unemployment is caused by relatively regular and predictable declines in particular industries or occupations over the course of a year, often corresponding with the seasons. Unlike cyclical unemployment, that could occur at any time, seasonal unemployment is an essential part of many jobs. For example, your 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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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Page: 2 of 25
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Topic:
Total Market Value
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Let's highlight the phrase 'total market value' in this definition of GDP. First, total. GDP seeks to measure ALL production of goods and services in the economy. Second, market value. Market prices indicate the value of goods. We measure the total value of production by multiplying the quantity produced and traded through markets by market prices. GDP is the aggregation of the market value of all goods. - Market transactions provide an excellent source of information that can be used for calculating GDP.
- Dollars (market prices) provide a common denominator for aggregating different goods.
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COMPLEMENT-IN-PRODUCTION One of two (or more) goods that are simultaneously produced using a given resource. A complement-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a substitute-in-production. An increase in the price of one complement good causes an increase in supply for the other.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope
This isn't me! What am I?
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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BJE
Bell Journal of Economics
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