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March 6, 2025 

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GROSS NATIONAL PRODUCT: The total market value of all goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often abbreviated simply as GNP, was once the federal government's official measure of how much output our economy produces. In the early 1990s, however, it was replaced by gross domestic product (GDP).

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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.

     See also | efficiency | satisfaction | resources | scarcity | opportunity cost | market failures | market control | public good | externalities | information | good types | public choice | bureaucracy | principal-agent problem | special interest group | rational abstention | government functions | fourth rule of competition | fifth rule of imperfection | sixth rule of ignorance |


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INEFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: March 6, 2025].


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PART-TIME WORKERS

People who are willing and able to work full-time (over 35 hours per week), but are forced to work less because employers do not need their productive efforts. While part-time workers officially have jobs, and are officially included in the "employed" category when the official unemployment rate is calculated, their labor resources are really only partially unemployed. A person working 20 hours a week, who is willing and able to work 40 hours a week, really should be considered as "half employed."

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Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for poorly written technical manuals.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

CDF
Cumulative Distribution Function
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