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UNEMPLOYED: The condition in which a resource (especially labor) is NOT actively engaged in a productive activity, but IS actively seeking employment. 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. For specific details of the BLS classification procedure, see unemployed persons. The other two BLS categories are employed persons and not in the labor force.

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Lesson 17: Market Structures | Unit 2: Four Types Page: 7 of 23

Topic: Perfect Competition <=PAGE BACK | PAGE NEXT=>

  • The definition of perfect competition:

  • Perfect competition is a market structure characterized by a large number of relatively small firms, each producing the same product, with freedom of entry and exit, and complete knowledge of prices and technology.
  • The for key characteristics of perfect competition are:

    • Large number of small firms.

    • Identical products.

    • Perfect resource mobility.

    • Perfect knowledge.


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BALANCE OF TRADE SURPLUS

The positive difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade surplus is the official term for positive net exports that occurs when exports exceed imports. A balance of trade surplus is also termed a "favorable" balance of trade because it results in a net inflow of monetary payments into the domestic economic from the foreign sector, which tends to be beneficial to a country. The alternative is a balance of trade deficit in which imports exceed exports.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for infected paper cuts.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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