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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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UNEMPLOYMENT SOURCES The four key types or sources of the unemployment of resources, especially labor, are cyclical, seasonal, frictional, and structural. The first, cyclical, in most important in the macroeconomic analysis of business cycles. The last two, frictional and structural, are combined into what is termed natural unemployment. Stabilization policies are generally aimed at reducing cyclical unemployment.
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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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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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VC
Variable Cost
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