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July 10, 2026 

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HEDGING: Buying or selling futures contracts to protect against price changes. This is a common form of "insurance" used by those who produce various commodities, such as wheat, cattle, coffee, and natural gas, as well as those who buy these commodities as inputs.

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PRINCIPLE OF THE MEDIAN VOTER: A voting principle stating that the median voter determines the outcome of an election governed by majority rule. The median voter is the one with an equal number of voters on either side of the vote. As such, the vote cast by THE median voter is the deciding or majority vote. However, this median voter's preference might not generate the best, that is, efficient, result.

     See also | public choice | majority rule | super majority rule | unanimity rule | plurality rule | voter paradox | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem | principle of median location |


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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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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from long-lost relatives.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. "

-- Peter Marshall, US Senate chaplain

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