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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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SOCIALISM: In theory, an economy that is a transition between capitalism and communism. It is based on--(1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production (using the needs standard rather than the contributive standard). See also | economic system | capitalism | communism | capital | production | consumption | market failure | wealth | income distribution | mixed economy | market socialism | public sector | private sector | government functions | distribution standards | contributive standard | needs standard | command economy | central planning |
Recommended Citation:SOCIALISM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: February 10, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: socialism
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FOUR-SECTOR, THREE-MARKET CIRCULAR FLOW A circular flow model of the macroeconomy containing four sectors (business, household, government, and foreign) and three markets (product, factor, and financial) that illustrates the continuous movement of the payments for goods and services between producers and consumers, with particular emphasis on exports and imports. Other circular models are two-sector, two-market circular flow; two-sector, three-market circular flow; and three-sector, three-market circular flow.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Cherish your visions and your dreams as they are the children of your soul; the blue prints of your ultimate achievements." -- Napoleon Hill, Author
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AGI
Adjusted Gross Income
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