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PERFECT COMPETITION, LOSS MINIMIZATION: A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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                           EMPLOYED: 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) to classify an individual's labor force status. The specific BLS classification is employed persons. The other two BLS categories are unemployed persons and not in the labor force. In general, people are considered employed if they are paid to engage in the production of goods and services. The person produces a good. The employer sells the good and uses the revenue to compensate the employee with a wage or salary payment.Preston Pumpernickel provides a general example of being employed. Preston is gainfully employed as a computer programmer at the Quadra DG Computer Works. He spends his days (and a few nights and weekends) writing computer programs used by Quadra DG computers. The company sells these products, then uses the revenue to pay Preston for his services with a sizeable monthly paycheck. Preston is employed. While Preston provides the most common example of being employed, a person can be considered employed for several reasons. - One obvious way a person is considered employed is to work as a paid employee, as exemplified by Preston.
- Another is working with or without explicit pay as the owner of a business, such as a proprietorship or partnership.
- An employed person can also work without pay in a family-operated business.
- Lastly, a person can be considered employed if they are not actively working due to a temporary absence from work, such as illness, or vacation from a paying job.
One obvious alternative to being employed is being unemployed. Being unemployed means a person is willing and able to engage in production, is actively seeking employment, but is not actually producing any goods and services. Another alternative is to be totally out of the labor force. Students, homemakers, young children, and retired folks are common examples of people who are neither employed nor unemployed--they are simply not part of the labor force.
Recommended Citation:EMPLOYED, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: October 19, 2021].
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for poorly written technical manuals.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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AID
Agency for International Development
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