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July 18, 2025 

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GAME THEORY: An analysis that illustrates how choices between two plays affect the outcome of a "game." Game theory is commonly used in economics to illustrate interdependent decision-making among oligopoly firms. It illustrates that one firm makes a decision based on the decision expected from the other firm. One key conclusion from the game theory analysis is that firms often make decisions that are "second best" or the "lesser of two evils." The classic example of such a decision is the prisoners' dilemma, in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment.

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MOST-FAVORED NATION: A condition, usually as part of a trade agreement among nations (such as General Agreement on Tariffs and Trade), that ensures one country will extend its least restrictive trade barriers to another country. Suppose, for example, the good old U. S. of A. makes the Republic of Northwest Queoldiola a most-favored nation. If the United States then eliminates tariffs on sundials imported from Brazil, it must also eliminate tariffs on imported Queoldiolan sundials. Because countries have generally followed this most-favored nation system for several decades, international bickering over trade barriers has been significantly reduced. See foreign trade.

     See also | foreign trade | General Agreement on Tariffs and Trade | trade barriers | tariff | bilateral | unilateral | multilateral |


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MOST-FAVORED NATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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NOT IN THE LABOR FORCE

Anyone who is not classified by the Bureau of Labor Statistics (BLS) as members of the labor force, either employed persons or unemployed persons. This catch-all category is largely comprised of several notable segments of the population, such as young, elderly, homemakers, and military. However, it includes others who are either unwilling or unable to engage in productive activities for assorted reasons. The "not in the labor force" numbers are computed monthly by the BLS along with other employment and labor force information using data generated by the Current Population Survey.

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