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OFFICE OF MANAGEMENT AND BUDGET: An office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 15 of 24

Topic: Unemployment <=PAGE BACK | PAGE NEXT=>

We can use production possibilities to illustrate unemployment, too.
  • Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services.
  • Unemployment is interpreted as any bundle that places the economy INSIDE the production possibilities curve.
  • With unemployment we don't get as much production as with full employment.
  • Unemployment is as any bundle, such as L, inside the curve.
  • M is not attainable.
  • Unemployment applies to all types of resources.

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FACTORY

The physical capital (building and equipment) at a particular location used for the production of goods and services. A factory, or plant, is usually a relatively large production operation (compared with something smaller, like a shop). While factory and firm are occasionally used synonymously they are not really the same. A given firm might own more than factory and a given factory might be owned by more than one firm.

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Today, you are likely to spend a great deal of time at an auction trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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