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DUAL LABOR MARKET: A proposition that our economy has two classes of workers -- (1) adult white males and (2) other. The other includes, but isn't limited to, women, blacks, hispanics, and teenagers. Based on the political and economic clout of whites and the traditional notion of men as the "bread winners" of a family, white males constitute the primary labor supply and thus get the best, highest paying jobs, with the greatest chance of advancement--like executive, physician, shop foreman, or U. S. Senator. The other groups, however, are left with secondary jobs--such as secretary, janitor, nurse, or convenience store clerk--that have very low pay and limited prospects to move up. Moreover, there tends to be little movement between these two labor markets.

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Lesson 1: Economic Basics | Unit 3: The Economy Page: 10 of 18

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  • How an economy is a system of rules, procedures, and institutions designed to address the problem of scarcity.
  • How a mixed economy used the two methods of allocation--markets and government.
  • The continuum of real world mixed economies that are bounded by the two theoretical extremes of a pure market economy and a pure command economy.
  • The degree to which the mixed U.S. economy relies on markets and government to allocate resources.

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COMPARATIVE STATICS

The technique of comparing the equilibrium resulting from a change in a determinant, or shock to a model, with the equilibrium that existed prior to the change. Comparative statics is the primary analytical technique used in the study of economics.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

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