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What do economists define saving as?
it's forgone consumption.
How do economists define saving?
That part of after-tax income which is not consumed.
Who was one of the first economists to write about the division of labor?
Sir William Petty
Who was one of the first economists to write about division of labor?
Sir William Petty
What is a force labor?
force labor
Which criteria do economists use to determine whether a person is employed or unemployed?
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.
Define capital intensive technology?
requiring a large investment in capital goods and a relatively small labor force a capital-intensive industry or plant
What does labor force by occupation mean?
Labor force by occupation refers to the distribution of employed individuals across various job categories or sectors within the economy. It provides insights into the types of jobs people hold, such as agriculture, manufacturing, services, or technology, helping to understand workforce skills and economic trends. This data is essential for policymakers, businesses, and economists to analyze labor market dynamics and inform workforce development strategies.
Why do economists look at unemployment statistics?
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.
Are retirees included in the labor force?
No, retirees are counted by the Bureau of Labor Statistics as "out of the labor force."
What did economists measure and define trade-offs as?
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.
The potential labor force is the same as the civilian labor force?
false
