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EMPLOYED PERSONS: People who are actively engaged in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are unemployed persons and not in the labor force. The sum of employed persons and unemployed persons constitute the civilian labor force. While most employed persons are people who receive payment for performing productive work, usually for profit-seeking business firms, the BLS has other specific criteria designed to capture the range of employment possibilities.

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Lesson 7: Market Equilibrium | Unit 1: The Exchange Page: 1 of 22

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

Market is the term we used to indicate voluntary trades among buyers and sellers. These trade involve a mutually agreeable quantity at a mutually agreeable price.

A definition:

A market is an organized exchange of commodities (including resources, goods, and services) among buyers and sellers, during a given time period.

Four important points about markets.

1. Markets are voluntary trades among buyers who want something (the demand side) and sellers who have something (the supply side).

2. The most important items traded are the goods and services that people consume, and the resources used to produce these goods and services.

3. Markets are the voluntary means of facing the scarcity problem. Government is the involuntary way of the facing scarcity problem.

4. Like demand and supply, markets are analyzed over a given time period.


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HOUSEHOLD SECTOR

The aggregate macroeconomic sector that includes the entire wants and-needs-satisfying population of the economy. The primary economic role of the household sector is consumption. The share of gross domestic product purchased by the household sector is termed consumption expenditures. This is one of four macroeconomic sectors. The other three are business sector, government sector, and foreign sector.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

The average bank teller loses about $250 every year.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

RJE
RAND Journal of Economics
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