| A | B |
|---|
| labor force | All people who are at least 16 years old and are working or actively looking for work. |
| labor force participation rate | The percentage of the adult population in the labor force. |
| wage | Hourly, weekly, monthly, or yearly pay that a worker receives in exchange for his or her labor. |
| living wage | The amount of income necessary for a worker to meet their basic needs (such as food and shelter). |
| minimum wage | A wage floor set by the government that lifts the wages of the lowest-paid workers above their market wage |
| scarcity | The condition that exists when wants exceed resources available to satisfy wants. |
| human resources | The knowledge, efforts, and skills people bring to their work, also known as labor |
| economics | The social science dealing with the use of scarce resources to obtain the maximum satisfaction of society’s virtually unlimited economic wants. |
| economy | The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. |
| poverty | The state or condition of having little or no money, goods, or means of support; condition of being poor. |
| poverty rate | This is another measure of the distribution of income. This rate measures the percent of people living in households with incomes below the poverty line (2014 family of four = $24,230). One problem with this rate is that it excludes in-kind transfers such as food stamps and Medicaid payments. |
| trade off | The sacrifice of some or all of one economic goal, good, or service to achieve some other goal, good, or service. |
| opportunity cost | The alternative given up when a choice is made. |
| job market decision | An individual’s decision regarding what kind of job to look for. |
| market wage | The prevailing normal wage for a particular type of job. |
