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April 26, 2018 

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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.

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EMPLOYED:

The condition in which a resource (especially labor) is actively engaged in a productive activity usually in exchange for an explicit factor payment (such as wage or salary). This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) to classify an individual's labor force status. The specific BLS classification is employed persons. The other two BLS categories are unemployed persons and not in the labor force.
In general, people are considered employed if they are paid to engage in the production of goods and services. The person produces a good. The employer sells the good and uses the revenue to compensate the employee with a wage or salary payment.

Preston Pumpernickel provides a general example of being employed. Preston is gainfully employed as a computer programmer at the Quadra DG Computer Works. He spends his days (and a few nights and weekends) writing computer programs used by Quadra DG computers. The company sells these products, then uses the revenue to pay Preston for his services with a sizeable monthly paycheck. Preston is employed.

While Preston provides the most common example of being employed, a person can be considered employed for several reasons.

  • One obvious way a person is considered employed is to work as a paid employee, as exemplified by Preston.

  • Another is working with or without explicit pay as the owner of a business, such as a proprietorship or partnership.

  • An employed person can also work without pay in a family-operated business.

  • Lastly, a person can be considered employed if they are not actively working due to a temporary absence from work, such as illness, or vacation from a paying job.
One obvious alternative to being employed is being unemployed. Being unemployed means a person is willing and able to engage in production, is actively seeking employment, but is not actually producing any goods and services. Another alternative is to be totally out of the labor force. Students, homemakers, young children, and retired folks are common examples of people who are neither employed nor unemployed--they are simply not part of the labor force.

<= EMPIRICALEMPLOYED PERSONS =>


Recommended Citation:

EMPLOYED, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 26, 2018].


Check Out These Related Terms...

     | unemployed | employed persons | unemployed persons | not in the labor force | discouraged workers | marginally-attached workers | part-time workers | unemployment rate, measurement problems | Current Population Survey | Bureau of Labor Statistics | labor force | civilian labor force | employment rate | employment-population ratio | labor force participation rate |


Or For A Little Background...

     | unemployment | unemployment rate | unemployment sources | macroeconomic problems | macroeconomic goals | factors of production | full employment | business cycles | contraction | expansion |


And For Further Study...

     | natural unemployment | unemployment problems | unemployment reasons | unemployment, production possibilities | full employment, production possibilities | macroeconomic sectors | gross domestic product | macroeconomic markets | resource markets | inflation | stabilization policies | government functions | underground economy | business cycle indicators |


Related Websites (Will Open in New Window)...

     | Bureau of Labor Statistics | Current Population Survey Home Page |


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