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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.
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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for attractive cable television service repair people.
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In the early 1900s around 300 automobile companies operated in the United States.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. " -- George Allen, U.S. senator
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VES
Variable Elasticity of Substitution
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