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UNEMPLOYMENT PROBLEMS: The unemployment or resources, especially labor, is one of the more important macroeconomic issues facing economists and government leaders. The two key problems are: personal hardships and lost production. When resources don't produce goods, their owners don't earn income. The loss of income results in less consumption and a lower living standard. If fewer resources are engaged in production, fewer goods and services are produced. A decline in the income, consumption, and production associated with unemployment triggers further declines in income, consumption, and production. Members of society who might escape the direct, immediate personal hardships of unemployment can succumb to the indirect, multiplicative problems of lost production.
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ECONOMY The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for a thesaurus filled with typos.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Rowing harder doesn't help if the boat is headed in the wrong direction. " -- Kenichi Ohmae, management consultant
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WTO
World Trade Organization
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