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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 ...
Featherbedding is commonly seen by economists as a solution to "who should bear the burden of technological change?" [9]Labor economists often argue that featherbedding can be construed as the most economically optimal position from both an employer's and employee's perspective, since it can be seen as distributing the costs of technological change. [10]
For example, a sport is a job for a professional athlete who earns their livelihood from it, but a hobby for someone playing for fun in their community. An element of advance planning or expectation is also common, such as when a paramedic provides medical care while on duty and fully equipped rather than performing first aid off-duty as a ...
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".
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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 ...
However, the desire to get another Peyton Manning outweighs the time it takes to develop talent. The pro game is faster and more complex than the college game, and only some college stars can make ...