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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 16: Perfect Competition | Unit 2: Short-Run Output
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Page: 6 of 28
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Topic:
The Revenue Side
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- Understanding the revenue side of perfect competition involves three related revenue measures:
- total revenue
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- Total revenue is the revenue received by a firm from the sale of output, calculated as the price times quantity.
- Consider the definition of average revenue.
- Average revenue is the revenue received by a firm per unit of output sold, which can be calculated as total revenue divided by quantity.
- The third revenue concept is marginal revenue.
- Marginal revenue is the addition to total revenue resulting from the sale of additional output, which is calculated as the change in total revenue divided by the change in output.
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UNEMPLOYMENT COMPENSATION A joint federal-state government system, created by the Social Security Act (1935), that provides income benefits to unemployed workers. Funding is obtained by taxes on employers. The system is mandated by the federal government, but operated by each state. While, the amount and duration of benefits differ from state to state, recipients generally receive about 50 to 70 percent of weekly wages for 26 to 39 weeks.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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ABA
American Bankers Association, Associate in Business Administration
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