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COMPANY TOWN: A small town closely associated with the production activity by a single firm. The firm is typically the only employer in the town and most of the goods and services sold throughout the town are provided by this firm. Company towns were quite prevalent in the late 1800s and early 1900s during the U.S. industrial revolution, often affiliated with a large mining, lumber, or manufacturing facility that was isolated from major urban areas. The company literally built a town around this facility to provide support services for their employees. The downside, however, was the lack of competition for both the employment of labor (monopsony) and the provision of consumer goods (monopoly). In some cases, the controlling firm exploited its market control creating circumstances not but different from slavery. Such company towns were a key motivation from the formation of labor unions.
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BEIGE MUNDORTLE
Your compete MICRO*scope for today
You are the type of person who thinks of shopping as another day and another expenditure, ho hum. Family and friends seldom discuss you or anything that you do with others. Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for poorly written technical manuals. You should consider shopping at stores or businesses beginning with the letter V, but do not buy any products with a serial number or product code containing the number 959894. Your preferred shopping venue is discount super centers. Your special symbol is the period (.).
Is this You?
As a Beige Mundortle, you are somewhat dull, somewhat boring, somewhat lusterless. You don't particularly care and you don't really care that you don't care. You know that you have a somewhat drab, lackluster life, and that's just fine with you. You shop when you need to, buy what you have to, and get on with your life. It's just another day, another expenditure. You don't really care to spend a lot of time shopping, but you don't really care to spend a lot of time doing much of anything. Life goes on. So what? Who cares?
This isn't me! What am I?
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AVERAGE PHYSICAL PRODUCT The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average product, which more often goes by the shorter name average product (AP), is one of two measures derived from total physical product. The other is marginal physical product.
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Fact 1: Our Limited PieThe first stop for any pedestrian on a leisurely stroll through the busy economic streets of Shady Valley is Scarcity Stan's Ye Olde Bakery Shoppe and Confectionery Palace. The most noted pastry on Scarcity Stan's list of delectables, wedged between his mouth-watering apple danishes and scrumptious jelly donuts, is economic pie. My mouth waters with the thought. Economic pie isn't like other donuts, cakes, and confectioneries with their gobs of sweetness, but very little nutritional sustenance. In fact, given that it refers to the sum total of the economy's resources and productive activity, economic pie is filled to the brim with sustenance. Unfortunately, Scarcity Stan and the congregation of people we call society, has only one economic pie, and while it's pretty large, it's never quite as big as we would like.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"No task is a long one but the task on which one dare not start: It becomes a nightmare. " -- Charles Baudelaire, poet-critic
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BLS
Bureau of Labor Statistics
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