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HYSTERESIS: The notion that the natural rate of unemployment is affected by historical events, especially the onset of a business-cycle contraction. Hysteresis results because unemployed resources are permanently changed, through loss of job skills or seniority, making them less employable when the contraction is over. The labor market itself might be permanently change. The result is a permanent increase in structural and frictional unemployment and a higher natural unemployment rate. Alternatively, a prolonged business-cycle expansion can generate long-term changes that cause a permanent decrease in the natural unemployment rate.
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VALUE IN USE The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that are undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for crowded shopping malls.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe." -- Sir Winston Churchill
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SMSA
Standard Metropolitan Statistical Area
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