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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 8: Market Shocks | Unit 4: Double Shifts Page: 13 of 20

Topic: More Demand and More Supply <=PAGE BACK | PAGE NEXT=>

Market equilibrium is disrupted if both the demand (higher income) and supply (technological breakthrough) curves shift.
  • An increase in demand creates a shortage. Price and quantity tend to increase.
  • An increase supply creates a surplus. Price declines and quantity increases.
  • The combined effect is an obvious increase in quantity but a questionable change in price.
  • At the new equilibrium the price is indeterminant.
  • If demand shifts relatively more than supply, price is higher.
  • If demand shifts relatively less than supply, price is lower.

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AUTONOMOUS EXPORTS

Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.

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APLS

GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for letters from the Internal Revenue Service.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

APEC
Asia-Pacific Economic Co-operation
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