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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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PERFECT COMPETITION, LONG-RUN ADJUSTMENT A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"There's only one way to succeed in anything, and that is to give everything. " -- Vince Lombardi
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NELS
National Educational Longitudinal Survey
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