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May 13, 2021 

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CIVILIAN LABOR FORCE: Everyone in the economy, 16 years of age or older, who is neither institutionalized nor in the military, and is either employed or unemployed but actively seeking employment. The civilian labor force is the "official" specification for the national economy's labor supply. It is used for such calculations as the unemployment rate and the labor force participation rate. In particular, the unemployment rate is technically specified as the "percent of the civilian labor force that is unemployed." The size of the civilian labor force (along with the wildly popular unemployment rate) is estimated monthly by the Bureau of Labor Statistics (BLS) from data generated by the Current Population Survey (CPS).

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MONOPSONY AND EFFICIENCY: A monopsony firm generally produces less output and pays a lower price than would be the case for a perfectly competitive industry. In particular, the price charged by a monopsony is not equal to (in fact, lower than) the marginal revenue product. The equality between factor price and marginal revenue product is THE key indication that resources are allocated efficiently and that society's resources are being used to generate the highest possible level of satisfaction.

     See also | monopsony | efficiency | perfect competition | factor markets | monopoly | bilateral monopoly | price maker | efficiency | allocation | monopsony and efficiency | perfect competition |


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MONOPSONY AND EFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 13, 2021].


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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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Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for high interest rates.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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