Each Person Who Is 16 Years or Older Is Considered

question 167

Multiple Choice

Each person who is 16 years or older is considered to be in one of the following categories:

• A)employed, unemployed, or discouraged worker.
• B)part-time worker, full-time worker, or unemployed.
• C)part-time worker, full-time worker, or out of the labor force.
• D)employed, unemployed, or out of the labor force.

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Definitions:

Natural Resources

Raw materials and environmental assets that are found in nature and can be used for economic gain.

Elasticity of Demand

Estimating how much the demand for a product fluctuates in response to changes in its price.

Resource Markets

Markets in which business firms demand factors of production (for example, labor, capital, and natural resources) from household suppliers. The resources are then used to produce goods and services. These markets are sometimes called factor markets or input markets.

Quantity Supplied

The quantity of a product or service that suppliers are ready and capable of selling at a specific price.