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EMPLOYMENT: The condition in which a resource (especially labor) is actively engaged in a productive activity usually in exchange for an explicit factor payment (such as wage or salary). This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) when classifying individual's labor force status. Employed persons is the specific category used by the BLS classification procedure. The other two BLS categories are unemployed persons and not in the labor force.

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AVERAGE VARIABLE COST: Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. Average variable cost, abbreviated AVC, decreases with additional production at relatively small quantities of output, then eventually increases with relatively larger quantities of output. This pattern is illustrated by a U-shaped average variable cost curve. The logic behind this decrease-increase U-shaped pattern can be found with a closer examination of the law of diminishing marginal returns, average product, and the average-marginal rule. You should also check out marginal cost.

     See also | total variable cost | short-run production | average variable cost curve | average product | quantity | technology | resource prices | average total cost | marginal cost | average fixed cost | law of diminishing marginal returns | average-marginal rule | U-shaped cost curves | increasing marginal returns | decreasing marginal returns |


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AVERAGE VARIABLE COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: January 26, 2022].


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NATIONALIZATION

The process in which a national government takes over the ownership of a private business or industry, usually, but not always, in conjunction with a major revolution that establishes a communist or socialist command economy.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for high interest rates.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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