|
|
PATENT: The guaranteed ownership and control of an invention, innovation, or production technique by government for a period of time (currently 17 years). A patent gives the owner the exclusive rights to sell, market, license, or otherwise generate revenue from an invention, innovation, or production technique. Patents are designed to encourage inventions and other developments that promote technological advances. However, they are also an entry barrier and lead to market control.
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, 2000-2021. [Accessed: April 13, 2021].
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
|
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans.
Your Complete Scope
This isn't me! What am I?
|
|
|
Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
|
|
|
"Education is the ability to listen to almost anything without losing your temper or your self-confidence. " -- Robert Frost
|
|
JEL
Journal of Economic Literature
|
|
|
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
|
|
