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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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Lesson 2: Economic Science | Unit 1: The Method Page: 1 of 20

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Economics is part of the general process of inquiry, scientific inquiry, in to the workings of our world.

A definition:

  • The scientific method is a structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relationships.
Key points about the scientific method:
  • Explanation: The scientific method seeks to explain the mechanisms of the world, how things work. Science seeks to identify the basic laws of nature that govern the world. Economic science seeks to explain how the economic world works, to identify the economic laws of nature.
  • Process: The scientific method is a process, a way of explaining, not a subject. The scientific method is also applied to society and human behavior. Economics is a social science, the scientific study of society.

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LAGGING ECONOMIC INDICATORS

Seven economic statistics that tend to move up or down a few months AFTER business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months after they occur. Lagging economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and leading economic indicators.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for poorly written technical manuals.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Anyone who has never made a mistake has never tried anything new. "

-- Albert Einstein, physicist

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Minimum Efficient Scale
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