unemployment
it's forgone consumption.
That part of after-tax income which is not consumed.
Sir William Petty
Sir William Petty
force labor
Economists use specific criteria to classify individuals as employed or unemployed based on their labor force status. A person is considered employed if they have worked for pay or profit during the past week, including part-time work. Conversely, an individual is deemed unemployed if they are actively seeking work but are currently without a job. Those not actively seeking employment or who are not available for work are classified as not in the labor force.
requiring a large investment in capital goods and a relatively small labor force a capital-intensive industry or plant
Economists examine unemployment statistics to gauge the health of the labor market and the overall economy. These statistics provide insights into economic performance, consumer spending potential, and labor force dynamics. High unemployment rates can signal economic distress, while low rates may indicate growth and stability. By analyzing these figures, policymakers can implement measures to stimulate job creation and address economic challenges.
No, retirees are counted by the Bureau of Labor Statistics as "out of the labor force."
When economists defined trade-off, they measured opportunity cost. Trade-off is letting go something of value in exchanging for something else that still has some value.
false
The labor force is equal to a financial asset.