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EMPLOYMENT: The condition in which a resource (especially labor) is actively engaged in a productive activity usually in exchange for an explicit factor payment (such as wage or salary). This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) when classifying individual's labor force status. Employed persons is the specific category used by the BLS classification procedure. The other two BLS categories are unemployed persons and not in the labor force.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 9 of 25

Topic: Home Production <=PAGE BACK | PAGE NEXT=>

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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GEOGRAPHIC MOBILITY

The mobility, or movement, of factors of production from a productive activity in one location to a productive activity in another location. In particular, geographic mobility is the ease with which resources can change locations. This is one of two types of mobility. The other is occupational mobility.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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Self-regulatory Organizations
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