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ECONOMIST: A individual, usually a homo sapien, who has received extensive training in economic theories, applications, and analysis and whose primary employment involves the research, teaching, consulting, and other applications of this economic training. Many economists are employed by institutions of higher education for the expressed purpose of enlightening impressionable college students in the wily ways of economic analysis. Other economists are employed by government agencies -- federal, state, and local -- for the expressed purpose of applying economic analysis to important policy decisions.

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SUBSTITUTE-IN-CONSUMPTION: One of two goods that can replace each other in consumption--that is, each provides the same basic satisfaction of wants and needs. A substitute good is one of two alternatives falling within the other prices determinant of demand. The other is complement good. An increase in the price of one substitute good causes an increase in demand for the other. A substitute good has a positive cross price elasticity.

     See also | demand | other prices | consumption | demand curve | demand determinants | demand shock | comparative statics | elasticity | cross elasticity of demand | substitute-in-production |


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SUBSTITUTE-IN-CONSUMPTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: April 27, 2025].


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LABOR FORCE PARTICIPATION RATE

The proportion of the total noninstitutionalized civilian population 16 years of age and over that is in the civilian labor force. The labor force participation rate is essentially the ratio of the civilian labor force to the total noninstitutionalized civilian population 16 years of age and over. The data used to estimated the labor force participation rate is obtained along with other labor force data from the monthly Current Population Survey conducted by the Bureau of the Census for the Bureau of Labor Statistics. Labor force participation rates are also commonly calculated using data derived from the Census of the Population.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects."

-- Alexis de Tocqueville, Statesman

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