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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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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 9 of 25
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Chunk C also is economic production that does NOT involve market transactions. It includes household productive activities, such as cooking, cleaning, home repairs, and entertainment. - Hiring others for these tasks would be market transactions included in GDP.
- If tasks are done personally, without pay, there is no market transaction and no record of production.
- While information needed to estimate the value of household production could be collected, it might be more trouble than it's worth.
Chunk C is excluded from GDP.
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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for jovial bank tellers.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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OCC
Office of the Comptroller of the Currency
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