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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 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 7 of 25
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Slice A includes market transactions that are NOT economic production, and are excluded from GDP. Two activities in slice A: - Future production. Intermediate goods will become part of GDP in the future when production is finished. To avoid double counting, we exclude these market transactions.
- Past production. Used items (cars, houses) produced before the start of our current time period. Because they are not current production and were included in GDP in a previous year, they are excluded from GDP
Slice A is excluded from GDP.
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DEADWEIGHT LOSS The decrease in the sum of consumer surplus and producer surplus that results from the imposition of a tax. When a tax drives a wedge between demand price and supply price it disrupts what otherwise would be an efficient market equilibrium. Inefficiency arises because while a portion of the sum of consumer and producer surplus is merely transferred to government, a portion of this sum also disappears. The part that disappears is the deadweight loss and is an indicator of the inefficiency of the tax.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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IJIO
International Journal of Industrial Organization
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