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July 1, 2022 

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UNDERGROUND ECONOMY: Illegal and unreported market transactions and productive activity that escape the watchful eyes of official record keepers. By most estimates, a substantial amount of productive activity takes place in the underground economy for the United States. Of course, these are only estimates because such activity, by definition, goes unreported. Were activity in the underground economy added to official activity in the "overground" economy, then gross domestic product could be boosted by as much as 25% to 50%, or more.

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PRODUCTION COST: The opportunity cost of using labor, capital, land, and entrepreneurship in the production of goods and services. Production cost is important to supply. The price received by a seller must be great enough to cover production cost. Note that production cost includes what you probably think of as the traditional "cost of doing business," but it includes other less obvious costs, as well. While labor, capital, and land typically involve an explicit cost--an actual money payment--the cost of entrepreneurship is often an implicit cost. In particular, the cost of entrepreneurship is termed normal profit.

     See also | opportunity cost | labor | capital | land | entrepreneurship | production | good | service | supply | resource prices | wage | interest | rent | profit | aggregate supply | short-run aggregate supply |


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PRODUCTION COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: July 1, 2022].


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RESOURCE MARKETS

Markets that exchange the services of the four factors of production--labor, capital, land, and entrepreneurship. The buyer of factor services is business sector. The seller of these services is the household sector. The study of macroeconomics is concerned with imbalances in the resource markets, especially surpluses and the resulting unemployment of resources. The resource markets, also termed factor markets, are one of three primary sets of macroeconomic markets. The other two are product markets and financial markets.

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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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