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MARKET SUPPLY: The total supply of every seller willing and able to sell a good. Market supply is found by combining the individual supplies of every firm or producer willing and able to sell a particular good. The market supply curve is found by horizontally adding all individual supply curves, that is, sum up the quantities supplied by all sellers at each and every price. Market supply operates according to the law of supply, as illustrated by a upward-sloping market supply curve. For higher prices the quantity supplied by all sellers in the market combined is greater than the quantity supplied for lower prices.
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DISCOURAGED WORKERS People who are willing and able to engage in productive activities, but due to their overwhelming lack of success have stopped seeking employment. Discouraged workers believe that any effort to find a job will be fruitless. Discouraged workers fall within the broader category of marginally-attached workers, people who are willing and able to work, who have either held a job or searched for employment within the last year, but are not actively seeking employment. People are marginally attached to the labor force for a variety of reasons, discouraged workers achieve their designation because they believe search efforts would not be worthwhile.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"I feel sorry for the person who canžt get genuinely excited about his work. Not only will he never be satisfied, but he will never achieve anything worthwhile. " -- Walter Chrysler, automaker
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LIML
Limited Information Maximum Likelihood
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