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March 1, 2024 

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WORKERS' COMPENSATION: A government-run insurance program that provides benefits to workers injured on the job. Funding for these benefits come from premiums paid by employers. The federal government mandates the program, but it's administered by each of the states. This creates a great deal of diversity, with some states having good benefits and high premiums (sort of pro labor), while others have lousy benefits and low premiums (pro business). In addition to differences among states, premiums also differ based on a business's historical record of accidents. Those companies with a higher number of industrial accidents pay more in premiums than those with fewer accidents.

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SWITCHING POINT: The price/time at which the economy switches from the use of one (usually finite) natural resource to a substitute resource. The switching point is reached because increases in scarcity rent and marginal extraction cost cause a gradual depletion of a finite natural resource. As the price rises, buyers search for less expensive substitutes. Eventually the price of a finite resource is equal to the price of a substitute resource. This is the switching point. For example, we are not likely to awaken one day to discover the world's oil supply is gone. Before such time occurs, we will have switched to substitute products like oil shale, gasohol, geothermal, or solar.

     See also | price | natural resources | scarcity rent | backstop resource | materials balance | recycling |


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SWITCHING POINT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 1, 2024].


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GOVERNMENT BORROWING

The acquisition of funds through the financial markets by the government sector which are used to finance government expenditures. In terms of the simple circular flow model, this is one of two basic demands for household saving diverted into financial markets. The other is investment borrowing. Government borrowing is also one of two methods of financing government expenditures. The other is taxes.

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