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SCARCE: The general condition indicating that a good or resource is limited relative to the what people want. In terms of ALL resources and goods throughout society, the related term scarcity is used. Being scarce is what makes it possible to exchange goods and resources through markets, and most importantly, charge a price. If a good is not scarce, which means that the economy has more than enough to satisfy all available uses, then there is no way to sell it. Who would buy such an item, pay a price for it, give up something of value in exchange for it, when it is so abundant? Likewise, if a item is so abundant, using it to satisfy one use does not impose an opportunity cost on other uses.
Visit the GLOSS*arama
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State of the ECONOMY
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| Production/Income |
| Real average weekly earnings |
November 2016 |
$367.50 Bureau of Labor Statistics |
Constant 1982-84 dollars |
| Median weekly earnings |
Third Quarter 2016 |
$827 / week |
Up $24 from 3rd Qtr. 2015 |
| GDP: Real |
Third Quarter 2016 |
$18,675.3 Billion (Annual Rate) Source: BEA |
Up 5.0% |
| U.S. Exports |
November 2016 |
$185.8 billion |
Down 0.2% from Oct. 2016: Econ. Stat. Admin. |
| e-commerce sales |
3rd Quarter 2016 |
$101.3 billion |
Up 4.0% from 2nd Quarter 2016 US Census Bureau |
| Personal Income |
November 2016 |
$16,233.8 billion |
Up 0.1% from Oct. 2016 |
| U.S. Imports |
November 2016 |
$231.1 billion |
Up 1.1% from Oct. 2016: Econ. & Stat. Admin. |
| Private Employer Cost for Employee Compensation |
September 2016 |
$32.27 per hour |
Benefits are $10.73 / hour Source: BLS |
| Sales of New Single-Family Homes |
November 2016 |
592,000 (seasonal adjusted annual rate) |
Up % from October 2016 Source: Econ Stats Adm. |
| Productivity |
3rd Quarter 2016 |
Unchanged from a year ago |
Source: BLS |
| Real Average Hourly Earnings |
November 2016 |
$10.68 |
Up $.07 from November 2015 |
| Employment |
| U 3 Unemployment |
December 2016 |
4.7% Up from November |
Bureau of Labor Statistics |
| U.S. Job Openings |
October 2016 |
5.5 million Steady |
Bureau of Labor Statistics |
| U 6 Unemployment |
November 2016 |
9.3% Down a little |
Includes those who have given up looking. BLS |
| Prices |
| Consumer Price Index W |
November 2016 |
235.215 |
Down slightly from Oct. 2016 Source: B L S |
| Money/Interest |
| U.S. National Debt |
January 3, 2017 |
$19,951,017,689,395.11 |
Up over $1 trillion in 2016: U.S. Debt Clock |
| Federal Discount Rate |
January 3, 2017 |
1.25% |
Up 0.25% |
| Prime Rate |
January 3, 2017 |
3.75% |
Up .25% from a year ago |
| Federal Funds Rate |
January 3, 2017 |
.75% |
Up 0.25% from a year ago |
| Cyclical Indicators |
| Consumer Price Index Urban |
November 2016 |
241.353 |
Up 0.2% from Oct. 2016 Source: BLS |
| New Orders for Manufactured Goods |
November 2016 |
$458.3 billion |
Down 2.4% from Nov. 2016 Econ & Statistics Adm |
| New Orders for Manufactured Durable Goods |
November 2016 |
$228.2 billion U.S. Commerce Dept. |
Down 4.6% from Oct. 2016 |
| Business Inventories |
October 2016 |
$1,814.5 billion |
Up 2% from Oct. 2015: Econ. Stat. Admin. |
| Retail Sales |
November 2016 |
$468.05 billion |
U.S Census Bureau |
| Producer Price Index Final Demand |
November 2016 |
110.8 |
Up 0.4% from Oct. 2016 Soure: BLS.gov |
| Wholesale Inventories |
November 2016 |
$594.5 billion |
U.S. Dept. of Commerce |
| Housing Starts |
November 2016 |
1,090,000 |
Down 18.7% from Oct. 2016: U.S. Census Bureau |
| Construction Spending |
October 2016 |
$1,172.6.4 billion |
Up 0.5% from Sept. 2016 Source: Econ Stats Adm. |
| Building Permits |
November 2016 |
1,201,000 |
Do 4.7% from October 2016: U.S. Census Bureau |
| Other |
| World Population |
January 3, 2017 |
7,362,851,059 |
Higher: U.S. Census Bureau |
| U.S. Population |
January 3, 2017 |
324,321,654 |
Up again...U.S. Census Bureau |
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SATISFACTION The process of successfully fulfilling wants and needs. This also goes by the technical economic term utility, and is essentially synonymous with more common words, such as fulfillment, well-being, and to some degree prosperity or happiness.
Complete Entry | Visit the WEB*pedia |
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In The Neighborhood Of IMMIGRATIONFew pedestrians would argue that the Republic of Northwest Queoldiola is anything but a quaint and courteous country. The Northwest Queoldiolans have a cute habit of wearing those little hats with the squirrel tail hanging from the back. They also manufacture the best sundials that money can buy. As a tourist mecca, there's nothing quainter or more courteous than the Republic of Northwest Queoldiola. But, as you may have noticed during our pedestrian trek, several Queoldiolans have decided to pursue permanent residence, and presumably U. S. citizenship, right here Shady Valley. They have undertaken the age old process of immigration. BUT WHY SHADY VALLEY? These Queoldiolans have some pretty darn peculiar habits. While we're all found of sundials, they've raise fondness to a religious fervor. Their clothing is, to put it mildly, pretty darn peculiar. The worst part of it -- they're willing to work cheap!
Tell me more...
Visit the PEDestrian's Guide
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope
This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"There is more to life than increasing its speed. " -- Mohandas Gandhi, activist
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ECU
European Currency Unit
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