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The everyday usage of the word unemployed is usually broad enough to include disguised unemployment, and may include people with no intention of finding a job. For example, a dictionary definition is: "not engaged in a gainful occupation", [7] which is broader than the economic definition.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
A direct job is employment created to fulfill the demand for a product or service. [1] An indirect job is a job that exists to produce the goods and services needed by the workers with direct jobs. [ 1 ] [ 2 ] Indirect employment includes the things need direct on the job as well as jobs produced because of the worker's needs (e.g., uniforms ).
Jargon, also referred to as "technical language", is "the technical terminology or characteristic idiom of a special activity or group". [8] Most jargon is technical terminology (technical terms), involving terms of art [9] or industry terms, with particular meaning within a specific industry.
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
The division of labour is the separation of the tasks in any economic system or organisation so that participants may specialise (specialisation).Individuals, organisations, and nations are endowed with or acquire specialised capabilities, and either form combinations or trade to take advantage of the capabilities of others in addition to their own.
In other words, there are moral and economic reasons that justify a blanket ban on labour from children aged 18 years or less, everywhere in the world. [29] [30] [31] On the other hand, some scholars like Christiaan Grootaert and Kameel Ahmady believe that child labour is the symptom of poverty. If laws ban most lawful work that enables the ...