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LABOR FORCE PARTICIPATION RATE: The proportion of the total noninstitutionalized civilian population 16 years of age and over that is in the civilian labor force. The labor force participation rate is essentially the ratio of the civilian labor force to the total noninstitutionalized civilian population 16 years of age and over. This ratio indicates the proportion of the available "working age" population that is willing and able to work and is either employed or actively seeking employment.
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FIXED INPUT An input whose quantity cannot be changed in the time period under consideration. The relevant time period is usually termed the short run. The most common example of a fixed input is capital. The alternative to fixed input is variable input. A fixed input, such as capital, provides the "capacity" constraint for the short-run production of a firm. A variable input, such as labor, provides the means of changing short-run production. As larger quantities of a variable input are added to a fixed input, the variable input becomes less productive, which is the law of diminishing marginal returns.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for telephone calls from former employers.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"A pint of sweat saves a gallon of blood. " -- General George Patton
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VAT
Value Added Tax
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