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AMERICAN FEDERATION OF LABOR: Started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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Lesson 1: Economic Basics | Unit 3: The Economy Page: 9 of 18

Topic: A Mixed Economy: The Mix <=PAGE BACK | PAGE NEXT=>

A pure market economy and a pure command economy are two theoretical extremes in the allocation of resources.
  • Real world economies form a continuum bounded by these two extremes. They are mixed economies:
  • A mixed economy is one that relies on both markets and government to allocate resources.
  • Market-oriented economies, also called capitalism, are mixed economies that lean heavily to the market end.
  • Socialism and communism are mixed economies that lean more (a lot more) toward government control.

The mixed U.S. economy leans heavily to the market end of the market-government continuum.

Three indicators of government involvement:
  • Taxes: Government controls about 1/3 of the revenue generated in the economy each year.
  • Spending: Government buys 20% of the goods produced each year.
  • Regulations: Government influences many allocation decisions through laws, rules, and other restrictions.

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MEDIUM OF EXCHANGE

The money function in which money is widely accept in exchange for goods and services. For an asset to function as a medium of exchange it needs value in exchange, but not necessarily value in use. This is one of four basic functions of money. The other three are unit of account, store of value, and standard of deferred payment.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"After climbing a great hill, one finds many more hills to climb. "

-- Nelson Mandela, president of South Africa

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