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RESOURCE QUALITY, AGGREGATE SUPPLY DETERMINANT: One of three categories of aggregate supply determinants assumed constant when the short-run or long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quality causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quality causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quantity and resource price. Specific determinants falling into this general category include education and technology. Anything affecting the quality of labor, capital, land, and entrepreneurship is also included.
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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. 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. The most common measure of unemployment is the unemployment rate of labor. Unemployment is one of two primary macroeconomic problems. The other is inflation.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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SDR
Special Drawing Right
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