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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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PHENOMENON: An event or action that is subject to investigation using the scientific method. Phenomena are the sorts of things that science seeks to explain. While the term phenomenon might entice thoughts of UFOs, ghosts, and three-headed turtles, it really just means things that happen, both usual and unusual. The reason for explaining the unusual AND the commonplace is that the scientific method seeks to develop universal theories, with laws and principles that explain all events, not just unexpected ones. See also | scientific method | science | theory | principle | data | verification | law | empirical | economic analysis | comparative statics | assumption |
Recommended Citation:PHENOMENON, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 19, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: phenomenon
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AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a square lamp shade with frills along the bottom or an electric coffee pot with automatic shutoff. Be on the lookout for defective microphones.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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LIBOR
london Inter-Bank Offered Rate
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