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LOCATION THEORY: A theoretical framework for studying the location decisions made of firms and households based on transportation cost and spatial differences in the accessibility of inputs and markets for outputs. Location theory, developed with noted contributions from August Losch, Alfred Weber, Johann von Thunen, Walter Christaller, and Walter Isard, explicitly considers the cost of transportation in the production and consumption choices made by firms and households. Location theory has been used to explain urban density, labor migration, and land use.
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Lesson 3: Scarcity | Unit 3: Opportunity Cost
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Page: 10 of 17
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The pervasive problem of scarcity makes opportunity cost fundamental to life itself and to the study of economics.- Economists use the term economic cost to mean opportunity cost. They also just use the term cost.
- Cost is foregone alternative, not necessarily the amount of money paid. Money is a way to keep score. Money is a good way to measure opportunity cost, but not the only way.Two types of opportunity or economic costs:
- Explicit opportunity cost: Out-of-pocket or accounting cost that involves a money payment.
- Implicit opportunity cost: Cost that does not involve a money payment.
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UNEMPLOYMENT REASONS People can be unemployed for a variety of reasons. The Bureau of Labor Statistics (BLS) notes five prime reasons for being unemployed: (1) job losers, (2) job leavers, (3) those who have completed temporary jobs, (4) re-entrants, and (5) new entrants.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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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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IPUMS
Integrated Public Use Microdata Series
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