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COMPANY TOWN: A small town closely associated with the production activity by a single firm. The firm is typically the only employer in the town and most of the goods and services sold throughout the town are provided by this firm. Company towns were quite prevalent in the late 1800s and early 1900s during the U.S. industrial revolution, often affiliated with a large mining, lumber, or manufacturing facility that was isolated from major urban areas. The company literally built a town around this facility to provide support services for their employees. The downside, however, was the lack of competition for both the employment of labor (monopsony) and the provision of consumer goods (monopoly). In some cases, the controlling firm exploited its market control creating circumstances not but different from slavery. Such company towns were a key motivation from the formation of labor unions.

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EMPLOYMENT: The condition in which a resource (especially labor) is actively engaged in a productive activity usually in exchange for an explicit factor payment (such as wage or salary). 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. Employed persons is the specific category used by the BLS classification procedure. The other two BLS categories are unemployed persons and not in the labor force.

     See also | unemployment | labor | wage | unemployment rate | Bureau of Labor Statistics | labor force | unemployed persons | employed persons | not in the labor force |


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AUTOMATIC STABILIZERS

Taxes and transfer payments that depend on the level of aggregate production and income such that they automatically dampen business-cycle instability without the need for discretionary policy action. Automatic stabilizers are a form of nondiscretionary fiscal policy that do not require explicit action by the government sector to address the ups and downs of the business cycle and the problems of unemployment and inflation.

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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for broken fingernail clippers.
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