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EMPLOYMENT: 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) when classifying individual's labor force status. Employed persons is the specific category used by the BLS classification procedure. The other two BLS categories are unemployed persons and not in the labor force.
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INCOME EFFECT The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.
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John Maynard Keynes was born the same year Karl Marx died.
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"You don't have to be a fantastic hero to do certain things - to compete. You can be just an ordinary chap, sufficiently motivated to reach challenging goals." -- Sir Edmund Hillary, Explorer
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SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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