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UNEMPLOYMENT RATE: The proportion of the civilian labor force 16 years or older that is actively seeking employment, but is unemployed and not engaged in the production of goods and services. The unemployment rate is estimated and reported monthly by the U.S. Department of Labor's Bureau of Labor Statistics. It is used not only as the prime measure of labor unemployment in the economy, but also as a key indicator of business-cycle instability. In principle, the unemployment rate measures the proportion of the labor that is willing and able to work, but employed. In practice, the official unemployment rate is simply the ratio of total unemployment to the total civilian labor force, in percentage terms.

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QUALITY OF LIFE: A common term used to indicate the overall level of well-being or welfare of a person or group of people, taking into account both monetary and non-monetary factors. This notion is theoretically synonymous with utility and the satisfaction of wants and needs. However, from a practical standpoint, attempts have been made to measure the quality of life, primarily as a means of comparison between communities. Quality of life measures are composite indexes based on monetary factors such as income, wages, living costs, and taxes, combined with non-monetary factors such as crime rate, air quality, and education level.

     See also | utility | satisfaction | cardinal utility | ordinal utility | urban economics | index |


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MARKET ADJUSTMENT

The economic analysis of changes in market equilibrium caused by changes in any of the five demand determinants and/or the five supply determinants. Market adjustment comes in one of eight varieties, given that the two curves comprising the market (demand curve and supply curve) can either increase or decrease, individually or simultaneously. Four adjustments involve a shift of EITHER the demand curve OR the supply curve. The other four adjustments involve shifts of BOTH the demand curve AND the supply curve.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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