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April 25, 2024 

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ECONOMIC GOALS: The five basic conditions of the mixed economy that are generally desired by society. We typically divide these five into macro goals (full employment, stability and economic growth) and micro goals (efficiency and equity).

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PRODUCTION TIME PERIODS: Alternative time periods used to differentiate between variable inputs and fixed inputs that are key to the analysis of short-run production and long-run production by a firm. The two primary time periods are short run and long run. Two secondary periods are very short run (market period) and very long run. Time periods are specified based on the number of inputs that are fixed or variable.

     See also | short run, microeconomics | long run, microeconomics | very short run, microeconomics | very long run, microeconomics | production inputs | fixed input | variable input | production | production cost | variables | labor | capital | law of supply | economic analysis | marginal analysis | factors of production | microeconomics | market | price | quantity supplied | short-run production analysis | long-run production analysis | production function | product | total product | marginal product | average product | law of diminishing marginal returns | marginal returns | production stages | division of labor | production possibilities |


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PRODUCTION TIME PERIODS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024].


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UNEMPLOYMENT

The general condition in which resources are willing and able to produce goods and services but are not engaged in productive activities. While unemployment is most commonly thought of in terms of labor, any of the other factors of production (capital, land, and entrepreneurship) can be unemployed. The analysis of unemployment, especially labor unemployment, goes hand-in-hand with the study of macroeconomics that emerged from the Great Depression of the 1930s. The most common measure of unemployment is the unemployment rate of labor. Unemployment is one of two primary macroeconomic problems. The other is inflation.

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