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NOT IN THE LABOR FORCE: Anyone who is not classified by the Bureau of Labor Statistics (BLS) as either employed persons or unemployed persons. The combination of employed persons and unemployed persons is the official specification of the civilian labor force, meaning anyone who does not qualify for the civilian labor force is classified as "not in the labor force." This catch-all category is largely comprised of several notable segments of the population, such as young, elderly, homemakers, and military. However, it includes others who are either unwilling or unable to engage in productive activities for assorted reasons.
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Lesson 8: Market Shocks | Unit 3: Single Shifts
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Page: 9 of 20
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The six steps for a decrease in demand:- A determinant changes. The price of pecan pie, a substitute for hot fudge sundaes, declines.
- A curve to shifts. The demand curve for hot fudge sundaes shifts leftward.
- A shortage or a surplus occurs. The decrease in demand causes a surplus of hot fudge sundaes.
- The price changes. The price of hot fudge sundaes goes down.
- The quantities demanded and supplied change. The quantity supplied for hot fudge sundaes decreases while their quantity demand is increased.
- The market imbalance is eliminated and equilibrium is restored. The surplus of hot fudge sundaes is eliminated. The price is lower and the quantity exchanged is less.
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INSURANCE A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for telephone calls from long-lost relatives.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. " -- Mark Twain, writer
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BEA
Bureau of Economic Analisys
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