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POTENTIAL GROSS DOMESTIC PRODUCT: The total output that the economy could produce if resources were at full employment. If the economy is at full employment (a 5 percent unemployment rate) then actual gross domestic product is equal to potential gross domestic product. Of course, if the unemployment rate is greater than 5 percent, then actual production is less potential production. By calculating potential gross domestic product, we can figure out exactly how far below this potential we are. This information then can be used by the pointy-headed government economists to recommend appropriate monetary or fiscal policies.
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UNEMPLOYMENT RATE, MEASUREMENT PROBLEMS: The official unemployment rate, which measures the proportion of the civilian labor force 16 years or older that is not engaged productive activities but is actively seeking employment, is estimated and reported monthly by the U.S. Department of Labor's Bureau of Labor Statistics (BLS). The imperfections of official unemployment rate fall into two categories. One that suggests the "true" unemployment of labor resources is likely greater than the official unemployment rate and the other that suggests the "true" unemployment of labor resources is likely less than the official unemployment rate. Two items that show up in the understated category are discouraged workers and part-time workers. Two items that shows up in the overstated category are unreported legal employment and unreported illegal employment. See also | unemployment | unemployment rate | civilian labor force | employment | Bureau of Labor Statistics | Current Population Survey | alternative unemployment rates | fifth rule of imperfection | discouraged workers | underground economy |
Recommended Citation:UNEMPLOYMENT RATE, MEASUREMENT PROBLEMS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 4, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: unemployment rate, measurement problems
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MARGINAL PRODUCT The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measures derived from total product. The other is average product.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for letters from the Internal Revenue Service.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Wise men speak because they have something to say; Fools because they have to say something. " -- Plato, philosopher
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AP
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