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SEASONAL UNEMPLOYMENT: Unemployment is caused by relatively regular and predictable declines in particular industries or occupations over the course of a year, often corresponding with the seasons. Unlike cyclical unemployment, that could occur at any time, seasonal unemployment is an essential part of many jobs. For example, your regular, run-of-the-mill, department store Santa Clause can count on 11 months of unemployment each year. Seasonal unemployment is one of four unemployment sources. The other three are cyclical unemployment, frictional unemployment, and structural unemployment.
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FACTOR SUPPLY The willingness and ability of scarce resources or factors of production to offer their services for use in productive activities. Factor supply relates price and quantity, specifically, factor supply is the range of factor quantities that are supplied at a range of factor prices. This is one half of the factor market. The other half is factor demand. The factors of production subject to factor supply include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for deranged pelicans.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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BJE
Bell Journal of Economics
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