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KEYNESIAN EQUILIBRIUM: The state of the macroeconomy in which aggregate expenditures are equal to aggregate output. This is illustrated using the income-expenditure model, or Keynesian cross, as the intersection of the aggregate expenditures line and the 45-degree line. The aggregate expenditures line is the summation of consumption expenditures, investment expenditures, government purchases, and net exports. The 45-degree line represents all combinations in which aggregate expenditures equal aggregate output. Keynesian equilibrium is also represented by the saving-investment, or injection-leakage, model as the intersection between the injection line (investment expenditures, government purchases, and exports) and the leakage line (saving, taxes, and imports).
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                           LABOR FORCE: The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers. In principle, the labor force is everyone 16 years of age and over who is willing and able to work. It includes those who are either employed or unemployed, but actively seeking employment.- An employed person is specified as someone who: (1) is working as a paid employee, (2) is working with our without explicit pay in a business that they own, (3) is working at least 15 hours a week in a family-operated business, or (4) has had a paying job but is temporarily absent due to illness, vacation, labor dispute, etc.
- An unemployed person is specified as someone who: (1) has voluntarily or involuntarily left a job and is seeking another, (2) has been laid-off from a job but expects to be recalled within six months, (3) is seeking employment after an extended period without a job nor having looked for a job, or (4) is seeking employment for the very first time.
The labor force tends to be about half of the total population. This means that about half of the overall population is NOT included in the labor force. In addition to children under 16 years of age, other segments of society that generally lie outside the labor force designation include elderly, disabled, homemakers, students, prisoners, discouraged workers, and military personnel. In some cases, those excluded are unwilling to work (homemakers, students, and some elderly). In other cases, they are unable to work (children, prisoners, and other elderly). Whether or not military personnel are included in the labor force often depends on the particular analysis. At times, the term labor force is used generically to mean anyone working or potentially able to work, including military (as well as discouraged workers, homemakers, and others). In other cases, it is used synonymously with the more precise and technical term civilian labor force.
Recommended Citation:LABOR FORCE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 6, 2023].
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for door-to-door salesmen.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"I've always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results. " -- Michael Jordan, basketball player
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ICCH
International Commodities Clearing House
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