Assume that the accounts payable department of a company has 5 clerks; each one is paid $25,000 per year ($125,000 total clerical salaries). On average, the clerks spend:
20% of their time on processing payments30% of their time matching invoices, receiving documents, and billing statement
50% of their time correcting errors in the various documents
In addition, long distance telephone costs of $1,700 are directly traced to the activity "correcting errors."
Definitions:
Unemployment
A situation where individuals who are capable of working and willing to work cannot find jobs.
Labor Force Participation Rate
This term refers to the percentage of the working-age population that is either employed or actively looking for work.
Discouraged Workers
Individuals who are not actively seeking work because they believe no jobs are available for them or there are no jobs for which they would qualify.
United States
A country in North America consisting of 50 states, characterized by a diverse geography, culture, and economy.
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