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UNEMPLOYMENT: The general condition in which resources are willing and able to produce goods and services but are not engaged in productive activities. While unemployment is most commonly thought of in terms of labor, any of the other factors of production (capital, land, and entrepreneurship) can be unemployed as well. The analysis of unemployment, especially labor unemployment, goes hand-in-hand with the study of macroeconomics that emerged from the Great Depression of the 1930s.
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MICROECONOMIC GOALS Two conditions of the mixed economy that are most important for microeconomics, including efficiency, and equity, that are generally desired by society and pursued by governments through economic policies.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for broken fingernail clippers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"There's only one corner of the universe you can be certain of improving and that's your own self. " -- Aldous Huxley, writer
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LRMC
Long Run Marginal Cost
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