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INSTITUTION: An established method or way of doing something that's widely accepted throughout society. Common institutions include marriage, markets, high school football in the fall, government, and Christmas gift-giving. Institutions provide the rules and guidelines needed to carry out the day-to-day activities of our lives. Institutions provide the crucial structure of a society and the framework within which economic activity takes place. Without institution structure, anarchy would prevail. With the rules, though, come rigidities that can prevent resources from being allocated efficiently.
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UNEMPLOYMENT RATE The proportion of the civilian labor force 16 years or older that is actively seeking employment, but is unemployed and not engaged in the production of goods and services. The unemployment rate is estimated and reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor. It is used not only as the prime measure of labor unemployment in the economy, but also as a key indicator of business-cycle instability. In principle, the unemployment rate measures the proportion of the labor that is willing and able to work, but not employed. In practice, the official unemployment rate is simply the ratio of total unemployment to the total civilian labor force, in percentage terms.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for mail order catalogs with hidden messages.
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In the early 1900s around 300 automobile companies operated in the United States.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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IIP
Index of Industrial Production
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