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SCAB: Someone who starts working or continues to work for a firm while a labor union is engaged in a strike of the firm. Scab is common term used by union members for the more polite name strikebreaker. Striking union members are more inclined to use even more derogatory terms. Such workers are used by employers to force union members to stop their strike and return to work. While strikers don't like it, labor laws guarantee that nonstriking workers can cross the picket line and go to work.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 16 of 20

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

Here we have demand decreasing (tastes change) and supply increasing (technological breakthrough).
  • A decrease in demand causes a decrease in both price and quantity.
  • An increase supply causes price to decrease and quantity to increase.
  • The combined effect is an obvious decrease in price but a questionable change in quantity.
  • At the new equilibrium the quantity is indeterminant.
  • If demand and supply curve shift in opposite directions, then quantity is indeterminant, but price is known.

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PRIVATE GOODS

Goods characterized by rival consumption and the ability to exclude nonpayers. Private goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are public (nonrival consumption and nonpayers cannot be excluded), common-property (rival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Rival consumption and the ease of excluding of nonpayers means private goods can be efficiently exchanged through markets.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for jovial bank tellers.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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