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| Resource Inputs used to produce goods and services. (Land,Labor,Capital, And Entrepreneurship) |
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Te most desired goods and services that are forgone in order to obtain something else.
It is what it given up in order to get something else. |
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| Production Possibilities frontier/curve |
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Particular shape illustrates the law of increasing oppurtunity costs.
Scarce resources: Limit to the amount we can produce in a given time period with available resources and technology. |
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| Law Of increasing opportunity costs |
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| Demand Schedule and demand curves |
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| Supply Schedule and Supply curve |
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| Substitute/ Complimentary Goods |
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| Shifts(or increases/decreases) in demand/supply |
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| State and Local tax Revenues |
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| rely heavily on sales tax and income tax. |
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| Education, health, pensions, welfare, transport, protection. |
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| Expenditure(E)= Income(I) |
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Population is divided into two groups: Labor force participants and non-participants.
The labor Force includes all persons over age sixteen who are either working for pay or actively seeking paid employment>>participants
Non-Participants>> thos not of age or not actively seeking work |
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| number of unemployed people/labor force |
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An individual who is not actively seeking employment but would look for or accept a job if one were available.
Not counted in the labor force/ official unemployed. |
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| exists when people seeking full-time paid employment work only part-time or employed at jobs below their capability. |
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| The unemployment due to seasonal changes in employment or labor supply. Common in construction, tourism industries, Etc. |
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The brief periods of unemployment experienced by people moving between jobs or into labor market.
(society depends on these folks, have necessary skills, short job searches. |
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| unemployment caused by a mismatch between the skills (or location) of available jobs. |
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| unemployment attributable to the lack of jobs- that is, to an adequate level of aggregate demand>> reflects business cycles conditions. |
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| Natural Rate of unemployment |
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| Long term rate of unemployment that is determined by structural forces in labor and product markets:consists of frictional and structural components only. |
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