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COMPARABLE WORTH: The notion that different jobs requiring comparable, but not identical, skills should be paid the same wage. The logic behind comparable worth is that centuries (perhaps even millennia) of discrimination against women by men have relegated women to second-class, poorly paid jobs with little or no chance for advancement. Men, in contrast, with the same education, skills, and abilities are able to get the better, higher paying jobs. Comparable worth would be a program in which different jobs are evaluated and scored, based on the skills, responsibilities, and education needed. Jobs with the same scores would then be required to have the same pay.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 22 of 26

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  • Why complexity of the economy makes it difficult to identify, without debate or question, THE cause of business cycles.
  • The investment cause of business cycles, based on the volatility of investment, how investment is affected by interest rates, how interest rates change over the business cycle, and the time it takes to produce capital goods.
  • Why the investment cause implies the use of fiscal policy and why pro-government types like this explanation.
  • The politics cause of business cycles, based on politicians seeking re-election, government's ability to control the economy, and voters voting their pocketbooks.
  • Why the politics cause implies the best policy is no policy and why anti-government types like this explanation.

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PERFECT COMPETITION, REVENUE DIVISION

The marginal approach to analyzing a perfectly competitive firm's short-run profit maximizing production decision can be used to identify the division of total revenue among variable cost, fixed cost, and economic profit. The U-shaped cost curves used in this analysis provide all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue and marginal revenue curves) provides all of the information needed on the revenue side.

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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for slightly overweight pizza delivery guys.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

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