|
|
INDUCED CONSUMPTION: Household consumption expenditures that depend on income or production (especially disposable, national income, or gross national product). An increase in household disposable income triggers an increase in induced consumption expenditures. Induced consumption is graphically depicted as the slope of the consumption or propensity-to-consume line, and are measured by the marginal propensity to consume. The induced relation between income and consumption, as well as other induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.
Visit the GLOSS*arama
|
|
|
|
                           LABOR FORCE: The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers. In principle, the labor force is everyone 16 years of age and over who is willing and able to work. It includes those who are either employed or unemployed, but actively seeking employment.- An employed person is specified as someone who: (1) is working as a paid employee, (2) is working with our without explicit pay in a business that they own, (3) is working at least 15 hours a week in a family-operated business, or (4) has had a paying job but is temporarily absent due to illness, vacation, labor dispute, etc.
- An unemployed person is specified as someone who: (1) has voluntarily or involuntarily left a job and is seeking another, (2) has been laid-off from a job but expects to be recalled within six months, (3) is seeking employment after an extended period without a job nor having looked for a job, or (4) is seeking employment for the very first time.
The labor force tends to be about half of the total population. This means that about half of the overall population is NOT included in the labor force. In addition to children under 16 years of age, other segments of society that generally lie outside the labor force designation include elderly, disabled, homemakers, students, prisoners, discouraged workers, and military personnel. In some cases, those excluded are unwilling to work (homemakers, students, and some elderly). In other cases, they are unable to work (children, prisoners, and other elderly). Whether or not military personnel are included in the labor force often depends on the particular analysis. At times, the term labor force is used generically to mean anyone working or potentially able to work, including military (as well as discouraged workers, homemakers, and others). In other cases, it is used synonymously with the more precise and technical term civilian labor force.
Recommended Citation:LABOR FORCE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: November 19, 2018].
Check Out These Related Terms... | | | | | | | | | | |
Or For A Little Background... | | | | | | | | |
And For Further Study... | | | | | | | | | | | | | | |
Related Websites (Will Open in New Window)... | |
Search Again?
Back to the WEB*pedia
|
|
|
BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for crowded shopping malls.
Your Complete Scope
This isn't me! What am I?
|
|
|
The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
|
|
|
"The first responsibility of a leader is to define reality. " -- Max DePree, executive
|
|
IIP
Index of Industrial Production
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
