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GOVERNMENT EXPENDITURES: Spending by the government sector including both the purchase of final goods and services, or gross domestic product, and transfer payments. Government expenditures are used by the government sector to undertake key functions, such as national defense and education. These expenditures are financed with a combination of taxes and borrowing.
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UNEMPLOYMENT, PRODUCTION POSSIBILITIES: Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services. In other words, some resources that could be used for production are not being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy inside the production possibilities curve. Production possibilities, which analyzes the alternative combinations of two goods that an economy can produce with given resources and technology, indicates unemployment when production is inside the production possibilities curve. Unemployment means resources that could be used for production are not being used. And when some resources are not being used for production, the economy does not reach the production possibilities curve--the curve that corresponds to full employment. In particular, unemployment results from any point INSIDE the production possibilities curve. To illustrate this, use the mouse arrow to point out unemployment as all points, including L, that lie INSIDE this curve for the production of crab puffs and storage sheds. However, you might also note that points D and J on the boundary of the production possibilities curve achieve full employment. In addition, note that point M is not attainable with existing resources and technology.
Recommended Citation:UNEMPLOYMENT, PRODUCTION POSSIBILITIES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 18, 2024]. Check Out These Related Terms... | | | | | | | | | Or For A Little Background... | | | | | | | | And For Further Study... | | | | | | | | | | | | | | Related Websites (Will Open in New Window)... | | | | | | | | | | | | | | |
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BLACK DISMALAPOD [What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for vindictive digital clocks with revenge on their minds. Your Complete Scope
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage." -- Ralph Waldo Emerson
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IV Instrumental Variables
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