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FOREIGN: All economic activity that is "outside" the confines of a domestic economy. For the United States, this would be consumers, workers, businesses, and governments that lie beyond the U.S. national boundaries.

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Lesson 7: Market Equilibrium | Unit 5: The Method Page: 20 of 22

Topic: Too Much Production <=PAGE BACK | PAGE NEXT=>

This market has a 50-cent price and a 400-tape quantity in equilibrium.
  • Note the demand price and the supply price if the quantity is 500 tapes.
  • The demand price is 40 cents. This is the value of the good produced.
  • The supply price is 60 cents. This is the value of goods not produced.
  • Producing this quantity is the same as giving up 60 cents and getting 40 cents in return.
  • 500 tapes is not an efficient use of resources

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PART-TIME WORKERS

People who are willing and able to work full-time (over 35 hours per week), but are forced to work less because employers do not need their productive efforts. While part-time workers officially have jobs, and are officially included in the "employed" category when the official unemployment rate is calculated, their labor resources are really only partially unemployed. A person working 20 hours a week, who is willing and able to work 40 hours a week, really should be considered as "half employed."

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Today, you are likely to spend a great deal of time at a flea market trying to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for strangers with large satchels of used undergarments.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

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