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January 21, 2019 

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UNEMPLOYMENT RATE, MEASUREMENT PROBLEMS: The official unemployment rate, which measures the proportion of the civilian labor force 16 years or older that is not engaged productive activities but is actively seeking employment, is estimated and reported monthly by the U.S. Department of Labor's Bureau of Labor Statistics (BLS). The imperfections of official unemployment rate fall into two categories. One that suggests the "true" unemployment of labor resources is likely greater than the official unemployment rate and the other that suggests the "true" unemployment of labor resources is likely less than the official unemployment rate. Two items that show up in the understated category are discouraged workers and part-time workers. Two items that shows up in the overstated category are unreported legal employment and unreported illegal employment.

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CONSERVATIVE: A political view that favors -- (1) limited government, (2) extensive reliance on markets, (3) strong national defense, (4) protection and promotion of existing cultural ideals and beliefs, and (5) economic rewards predominately based on productive efforts. Conservatives tend to come from the ranks of the second estate (or second-estate wannabes), with extensive ownership of and control over resources. As such, they support policies and first estate leaders that protect their interests. Conservatives tend to be strong advocates of free enterprise and find philosophical agreement with neoclassical economics, new classical economics, rational expectations, and monetarism theories that call for limited government intervention in the economy.

     See also | liberal | government | market | second estate | free enterprise | capitalism | cross elasticity of demand | new classical economics | monetarism | incentive | laissez faire | regulation | deregulation |


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CONSERVATIVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 21, 2019].


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BALANCE OF PAYMENTS

A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for small children selling products door-to-door.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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