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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 22: Factor Supply | Unit 2: Resources
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Page: 9 of 25
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Topic:
Capital: Financial And Physical
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- Most of the productive capital used in the economy involves ownership and control by the same entity.
- Let's examine this further.
- Ownership: First, capital goods, like all property, wealth, and resources are ultimately owned by people.
- Control: Second, control over the use of capital goods is often by someone other than the owners.
- While the market for capital services might be somewhat exclusive, two related markets are not.
- Physical Capital: At times, the term factor market is erroneously used when referring to a capital goods market.
- Financial Capital: The markets for financial capital are significantly more competitive that the markets for specific capital goods.
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WORLD VIEW An aspect of a scientific theory that includes fundamental, and unverifiable, axioms, beliefs, and values about how the world works. One example of an unverifiable world view axiom is belief in the existence of a supreme, omnipotent, omniscience being--that is, God. Political philosophies, which are essential to economic theories and policies, are intertwined with alternative world views.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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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.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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MCA
Monetary Control Act of 1980
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