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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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BALANCE OF SERVICES: The difference between funds received by a country when exporting services and the funds paid for importing services. The balance of services is one part of the current accounts portion of the balance of payments, the other is major part is the balance of trade. The balance of services is very much like the merchandise balance of trade, excepct intangible services are being exported and imported rather than tangible goods. Like the balance of trade, the balance of services can be out of balance. A balance of services surplus results if service exports exceed imports, also termed a favorable balance of services, and a balance of services deficit exists if service imports exceed exports, analogously termed an unfavorable balance of services. See also | foreign trade | balance of trade | balance of payments | service | international finance |
Recommended Citation:BALANCE OF SERVICES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 26, 2024].
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MARGINAL FACTOR COST, MONOPSONY The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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Bank Note
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