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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.
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TOTAL UTILITY The total satisfaction of wants and needs obtained from the use or consumption of a good or service. This is the cumulative amount of utility generated from consuming a good over a given time period. Total utility is most often used in consumer demand theory to indicate how much overall satisfaction someone obtains from a given activity. The primary behavioral motivation used in consumer demand theory is the goal of maximizing total utility. Total utility is also used to derive marginal utility.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Opportunities are usually disguised as hard work, so most people don't recognize them." -- Ann Landers, columnist
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NIFO
Next In First Out
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