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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 1: Economic Basics | Unit 3: The Economy
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Page: 7 of 18
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Because of the scarcity problem, we need a way to divide up what we have. This is accomplished by an economy. An economy is a system of production, distribution, and consumption of resources, goods, and services that addresses the basic economic problem of scarcity and answers the three questions of allocation: What? How? For Whom?
Economies rely on markets and government to perform the allocation task. The allocation processes involves the institutions of: - Markets allocate resources through voluntary choices made by people--buyers and sellers.
- Government allocates resources through involuntary taxes, laws, restrictions, and regulations imposed on these people.
Both are important methods of allocation.
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SELLERS' MARKET A disequilibrium condition in a competitive market that has a shortage or excess demand. Because the quantity demanded is greater than the quantity supplied, sellers have the "upper hand" when negotiating. A sellers' market also goes by the more common term of shortage. The alternative to a sellers' market is a buyers' market, which has a surplus or excess supply.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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JEL
Journal of Economic Literature
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