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UNEMPLOYMENT SOURCES: The unemployment of resources in general, and labor in particular, can be attributable to four basic reasons, or sources: cyclical, seasonal, frictional, and structural. Cyclical unemployment is involuntary unemployment created by business cycle recessions. Seasonal unemployment is relatively regular, read this as predictable, unemployment tied to a particular job. Frictional unemployment is temporary unemployment created when workers switch jobs. Structural unemployment is relatively permanent unemployment created because workers' skills are not the same as the skills needed on the job.

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Lesson 3: Scarcity | Unit 5: THE Problem Page: 16 of 17

Topic: Solutions? <=PAGE BACK | PAGE NEXT=>

Can we solve the scarcity problem?

Solutions:

  • Make unlimited resources: A solution to a world constrained by limited resources is a world of unlimited resources. It could happen. But is unlikely, even with technological advances.
  • Make wants and needs limited: Another solution could be that everyone has limited wants and needs. Unlimited wants and needs seems basic to human nature. Would we want to make wants an needs limited?

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AVERAGE FIXED COST CURVE

A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.

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Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for pencil sharpeners with an attitude.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on."

-- Samuel Goldwyn, Film executive

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