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EMPLOYMENT RATE: The ratio of employed persons to the total civilian noninstitutionalized population 16 years old or older. Also termed the employment-population ratio, the employment rate is used as an alternative indicator of the utilization of labor resources.
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NATURAL SELECTION The notion that firms best suited to the economic environment on the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The concept of economic natural selection is aimed primarily at the profit-maximization assumption. Although firms might not seek to maximize profit on a day-to-day basis, those that come closest (intentionally or unintentionally) are the ones that remain in business.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for door-to-door salesmen.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Just as iron rusts from disuse, even so does inaction spoil the intellect. " -- Leonardo da Vinci, architect, artist
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IRR
Internal Rate of Return
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