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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.
What is a force labor?
force labor
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
Define capital intensive technology?
requiring a large investment in capital goods and a relatively small labor force a capital-intensive industry or plant
Are retirees included in the labor force?
No, retirees are counted by the Bureau of Labor Statistics as "out of the labor force."
The potential labor force is the same as the civilian labor force?
false
The labor force is equal to the?
The labor force is equal to a financial asset.
Capital as economists use the term refers to what?
the profits that come from hiring and using labor and natural resources
What economists call the essential elements that a nation needs to achieve economic success?
land labor capital
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.
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