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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).
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                           UNEMPLOYED: The condition in which a resource (especially labor) is NOT actively engaged in a productive activity, but IS actively seeking employment. This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) when classifying an individual's labor force status--employed persons. The other two BLS categories are employed persons and not in the labor force. In general, people considered unemployed if they are not paid to engage in the production of goods and services, but they are actively seeking such paid production activity. The key to being unemployed is NOT just that a person is out or work, but that the person is actively seeking work.A large portion of the society is not actively engaged in production but they are not considered unemployed because they are not seeking work. Students, homemakers, young children, and retired folks are common examples. Phoebe Pankovic provides one of the more common examples of being unemployed. Phoebe had been a paid employee of Quadra DG Computer Works, working as an assistant to Preston Pumpernickel. However, she was not a very good worker. So Phoebe was fired. Phoebe has been frantically and actively searching for other employment. She scans the want ads, sends resumes to prospective employers, and has been on several job interviews. Being out of work and seeking work makes her unemployed. While Phoebe provides a common example of being unemployed, a person can be unemployed in several different ways: - Like Phoebe, people can be unemployed if they have voluntarily or involuntarily left a job and are seeking another.
- Alternatively, being laid-off from a job with the expectation of being recalled within six months also means a person is unemployed.
- Some folks are unemployed because they are seeking employment after an extended period without a job or having looked for a job.
- Still others fall into the unemployed category because they are seeking employment for the very first time.
The obvious direct contrast to being unemployed is being employed. Being employed means a person is engaged in production. 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.
 Recommended Citation:UNEMPLOYED, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: October 8, 2026]. Check Out These Related Terms... | | | | | | | | | | | | | | | | Or For A Little Background... | | | | | | | | | | | And For Further Study... | | | | | | | | | | | | | | | | Related Websites (Will Open in New Window)... | | |
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ORANGE REBELOON [What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for mail order catalogs with hidden messages. Your Complete Scope
This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Do not stop thinking of life as an adventure. You have no security unless you can live bravely, excitingly, imaginatively, unless you can choose a challenge instead of a competence. " -- Eleanor Roosevelt, first lady
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DRR Discounted Rate of Return
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