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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.

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Lesson 3: Scarcity | Unit 3: Opportunity Cost Page: 11 of 17

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  • The basic concept of opportunity cost as the highest valued alternative foregone in the pursuit of an activity.
  • How the fact that limited resources have alternative uses intertwines the notion of opportunity cost and the basic problem of scarcity.
  • Why economic cost is synonymous with opportunity cost.
  • Why opportunity cost need not be measured in money terms.
  • The difference between explicit and implicit opportunity cost.

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PRICE CEILING

A legally established maximum price that is imposed on a market BELOW the price that otherwise would be achieved in equilibrium. A price ceiling is placed on a market with the goal of keeping the price low, presumably based on the notion that the equilibrium price is too high. If imposed on a competitive market free of market failures, a price ceiling creates a shortage, or excess demand.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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