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UNEMPLOYMENT: The general condition in which resources are willing and able to produce goods and services but are not engaged in productive activities. While unemployment is most commonly thought of in terms of labor, any of the other factors of production (capital, land, and entrepreneurship) can be unemployed as well. The analysis of unemployment, especially labor unemployment, goes hand-in-hand with the study of macroeconomics that emerged from the Great Depression of the 1930s.

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Lesson 6: Supply | Unit 2: Law of Supply Page: 6 of 19

Topic: Production Cost <=PAGE BACK | PAGE NEXT=>

An important question is: Why does the law of supply work?
  • The answer rests with production cost. In particular, the law of supply exists because of the law of increasing opportunity cost.
  • As we saw with production possibilities analysis, by increasing the production of a good, the opportunity cost of production increases.
  • Production cost increases as we increase production. To supply a larger quantity, producers need to cover these higher production costs with a higher price.

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OLIGOPOLY, CHARACTERISTICS

The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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