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SEASONAL UNEMPLOYMENT: Unemployment is caused by relatively regular and predictable declines in particular industries or occupations over the course of a year, often corresponding with the seasons. Unlike cyclical unemployment, that could occur at any time, seasonal unemployment is an essential part of many jobs. For example, your regular, run-of-the-mill, department store Santa Clause can count on 11 months of unemployment each year. Seasonal unemployment is one of four unemployment sources. The other three are cyclical unemployment, frictional unemployment, and structural unemployment.

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Lesson 9: Consumer Demand | Unit 1: Demand Theory Page: 4 of 22

Topic: On To Demand <=PAGE BACK | PAGE NEXT=>

  • Recall that:

  • The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
  • According to the law of demand, the demand price that buyers are willing to pay for a good varies inversely with the quantity demanded.

    More Than Willingness

  • Demand depends on more that just the willingness to buy goods:
  • Buyers must also be able to buy.


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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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Today, you are likely to spend a great deal of time at an auction wanting to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for slow moving vehicles with darkened windows.
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A half gallon milk jug holds about $50 in pennies.
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