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VOLUNTARY UNEMPLOYMENT: Unemployment that results when resources which are willing and able to engage in production choose not to produce output. These are resources (especially labor) that decide to leave one job, often in search of another. The contrast to voluntary unemployment is involuntary unemployment, in which resources are forced out of work.
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Lesson 21: Factor Demand | Unit 4: Determinants
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Page: 21 of 24
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In this unit, you should have learned about:- How and why factor demand determinants shift the factor demand curve.
- The three main factor demand determinants -- product demand, factor productivity, and other prices.
- That an increase in factor demand is a rightward shift of the factor demand curve and that a decrease in factor demand is a leftward shift of the factor demand curve.
- How the product demand determinant is reflected by the product price and how changes in product price cause the factor demand curve to shift.
- How the factor productivity determinant is includes changes in technology and education and is reflected by marginal physical product and how changes in factor productivity cause the factor demand curve to shift.
- How the other prices determinant captures both substitute and complement relations between factors and how changes in other prices cause the factor demand curve to shift.
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INCOME RECEIVED BUT NOT EARNED The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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AEA
American Economic Association
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