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UNEMPLOYMENT RATE, MEASUREMENT PROBLEMS: The official unemployment rate, which measures the proportion of the civilian labor force 16 years or older that is not engaged productive activities but is actively seeking employment, is estimated and reported monthly by the U.S. Department of Labor's Bureau of Labor Statistics (BLS). The imperfections of official unemployment rate fall into two categories. One that suggests the "true" unemployment of labor resources is likely greater than the official unemployment rate and the other that suggests the "true" unemployment of labor resources is likely less than the official unemployment rate. Two items that show up in the understated category are discouraged workers and part-time workers. Two items that shows up in the overstated category are unreported legal employment and unreported illegal employment.
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INSTITUTION An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for broken fingernail clippers.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses." -- Johannes Kepler, German Astronomer
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FITW
Federal Income Tax Witholding
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