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March 23, 2023 

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ALTERNATIVE UNEMPLOYMENT RATES: The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked by the BLS, officially labeled U1-U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be underutilized, including unemployment duration, job losers, discouraged workers, marginally-attached workers, and part-time workers.

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ASIAN DEVELOPMENT BANK: A multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific that engages in mostly public sector lending for development purposes in its developing member countries. They pursue this goal by helping to improve the quality of people's lives providing loans and technical assistance for a broad range of development activities. ADB raises fund through bond issues on the world's capital markets but they also rely on members' contributions. The ADB was established in 1966 and has its headquarters in Manila, Philippines. As of September of 2003, the ADB had 58 member countries.

     See also | World Bank | International Monetary Fund | Inter-American Development Bank | African Development Bank | Islamic Development Bank |


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PERFECT COMPETITION

An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that is not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.

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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for small children selling products door-to-door.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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