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WILDCAT STRIKE: An unofficial and usually spontaneous strike or work stoppage by union members. A wildcat strike is not authorized by the labor union representing the workers. Such strikes generally occur because (1) labor has specific problems or concerns that have not been satisfactorily addressed by employers or (2) workers feel that union leaders are not acting in the best interest of the union members. This is also termed an outlaw strike.

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Lesson 18: Banking | Unit 1: What It Is Page: 2 of 24

Topic: Intermediary <=PAGE BACK | PAGE NEXT=>

There are several types of financial intermediaries.

Note that:

  • Intermediaries bring together buyers and sellers.
  • Buyers and sellers often need an intermediary.
  • Banks perform a 'financial' intermediary function.
  • By maintaining financial deposits and making financial loans, banks navigate the financial side of the economy.

Other types of financial intermediaries include:

  • Insurance agencies, stock brokers, finance companies, mutual funds, and bond traders.

Their function:

  • All these entities divert household income away from consumption expenditures to investment.
  • Banks are important because they maintain checking accounts that are about 60% of the money supply.

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PERFECT COMPETITION, CHARACTERISTICS

The four key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) perfect resource mobility or the freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology.

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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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