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May 11, 2021 

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PART-TIME WORKERS: People who are willing and able to work full-time (over 35 hours per week), but are forced to work less because employers don't need their productive efforts. While part-time workers officially have jobs, and are officially included in the "employed" category when the official unemployment rate is calculated, their labor resources are really only partially unemployed. A person working 20 hours a week, who is willing and able to work 40 hours a week, really should be considered as "half employed."

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CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS: This is the official name and designation for the Consumer Price Index that's commonly reported in the media. It is officially abbreviated CPI-U. Because it is THE standard, it usually goes by the shorted abbreviation CPI. The CPI-U was introduced in 1978 by the Bureau of Labor Statistics to address some of the deficiencies in the existing consumer price index, which now has the designation of CPI-W. In particular, the newer CPI-U includes the prices of goods and services purchased by about 80% of the non-institutionalized population while the older CPI-W includes about only 32 percent (see ).

     See also | Consumer Price Index | price level | index | consumer | Bureau of Labor Statistics | inflation | nominal | real | wage | income | Social Security | GDP price deflator | Producer Price Index | Consumer Price Index for Urban Wage Earners and Clerical Workers | civilian labor force |


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CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 11, 2021].


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LAW OF INCREASING OPPORTUNITY COST

The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.

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Today, you are likely to spend a great deal of time at a flea market trying to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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