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UNEMPLOYED: The condition in which a resource (especially labor) is NOT actively engaged in a productive activity, but IS actively seeking employment. This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) when classifying individual's labor force status. For specific details of the BLS classification procedure, see unemployed persons. The other two BLS categories are employed persons and not in the labor force.
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for malfunctioning pocket calculators.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The only place success comes before work is in the dictionary. " -- Vince Lombardi
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VAR
Vector Autoregression
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