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LOAN LOSS RESERVES: A special account set aside by banks acting as a buffer between deposits and net worth that's used in case a loan is not repaid. Without this reserve, an unpaid loan on the asset side of a bank's balance sheet would require an adjustment of deposits or net worth on the liability side. The loan loss reserve is used for this adjustment.
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Lesson 23: Factor Market Equilibrium | Unit 3: Perfect Competition
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Page: 12 of 24
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- The four key characteristics of perfect competition are:
- Large number of small firms on the buying side.
- Identical products.
- Perfect resource mobility.
- Perfect knowledge.
- The end result of perfect competition is that each buyer is a price taker.
- The supply curve facing a firm hiring in a perfect competition factor market is illustrated in this diagram.
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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. The data used to estimated the labor force participation rate is obtained along with other labor force data from the monthly Current Population Survey conducted by the Bureau of the Census for the Bureau of Labor Statistics. Labor force participation rates are also commonly calculated using data derived from the Census of the Population.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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EC
European Community
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