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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.
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FIRST ESTATE Another term for the government or public sector. This is one of four divisions of society based on economic function. The other three are businesses as the second estate, consumers as the third estate, and journalists as the fourth estate.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"The greatest use of life is to spend it for something that will outlast it." -- William James, psychologist
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AEC
Annual Equivalent Costs
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