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UNEMPLOYMENT COMPENSATION: A system of government sponsored insurance, created by the Social Security Act (1935), that provides benefits to unemployed workers. Funding is obtained by taxes on employers. The system is mandated by the federal government, but operated by each state. As such, the amount and duration of the benefits differ from state to state.
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QUOTA: A limit on the quantity of some sort of activity. Two of the more noted quotas are for employment and imports. Employment quotas have been used as a means of providing increased opportunities to blacks, hispanics, women, and other groups that have been historically subject to discrimination. Such quotas, however, tend to anger other groups, especially white males, who don't get favorable treatment. While employment or similar anti-discrimination quota systems might help address historical problems, they are not without cost. In particular, our economy's efficiency is likely to suffer if a less qualified member of an ethnic group is selected over someone who is more qualified. Import quotas have similar problems. They are one form of trade barriers that's usually intended to reduce the competition faced by a domestic producer. See also | employment | import | discrimination | opportunity cost | efficiency | nontariff barrier | competition | market control | price |
Recommended Citation:QUOTA, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: November 7, 2025].
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ECONOMIC THINKING A way of looking at and analyzing the way the world works by comparing the cost of an action with the benefit generated. The study of economics is the process of economic thinking about issues related to the scarcity problem.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for malfunctioning pocket calculators.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Whenever an individual or a business decides that success has been attained, progress stops. " -- Thomas Watson Jr., IBM executive
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BJE
Bell Journal of Economics
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