Web Links

• p. 32: Go to http://www.ncpa.org/ for one perspective, offered by the National Center for Policy Analysis, on whether society’s production decisions should be publicly or privately coordinated. www.econtoday.com/chap02 to find out from the World Trade Organization how much international trade takes place. Under “Resources,” click on “Trade statistics.”
• p. 40: Go to http://www.wto.org/ to find out from the World Trade Organization how much international trade takes place. Under "Resources," click on "Trade statistics."

Issues and Applications Web Resources:

• For information about the FBI resource allocation that began after the 2001 terrorist attacks, go to http://www.fbi.gov/publications.htm.
• For information about the financial resources the federal government commits to law enforcement efforts, follow the link http://www.usdoj.gov/jmd/publications/publications.htm to the U.S. Justice Department’s Management Division, and click on the budget summary for the most recent year.

Opportunity Cost and Labor Force Participation
Many students choose to forgo full-time employment to concentrate on their studies, thereby incurring a sizable opportunity cost. This application explores the nature of this opportunity cost.

     Title: College Enrollment and Work Activity of High School Graduates

     Navigation: Go to http://www.bls.gov/home.htm to visit the Bureau of Labor Statistics (BLS) home page. Select A–Z Index, and then click on Educational Attainment, Statistics. Finally, under the heading "Economic News Releases," click on College Enrollment and Work Activity of High School Graduates.

Application
Read the abbreviated report on college enrollment and work activity of high school graduates. Then answer the following questions.

1. Based on the article, explain who the BLS considers to be in the labor force and who it does not view as part of the labor force.

2. What is the difference in labor force participation rates between high school students entering four-year universities and those entering two-year universities? Using the concept of opportunity cost, explain the difference.

3. What is the difference in labor force participation rates between part-time college students and full-time college students? Using the concept of opportunity cost, explain the difference.