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TRADE UNION: A labor union composed of workers in the same occupation, but not necessarily in the same industry, producing the same product, or employed by the same firm. Common examples of craft unions are for plumbers, carpenters, and musicians. Craft unions generally exert market control by limiting the number of suppliers. The American Federation of Labor (AFL) began as a collection of craft unions. This is also termed a craft union.
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Lesson 8: Market Shocks | Unit 2: Determinants
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Page: 6 of 20
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Five basic supply determinants:- Resource prices: Higher prices of inputs such as labor, land, and raw material, decrease supply.
- Technology: Improved technology means an increase in supply.
- Prices of other goods: An increase in the price of a substitute-in-production, decreases supply. An increase in the price of a complement-in-production, increases supply.
- Seller's expectations: If sellers expect higher prices tomorrow, they decrease supply today.
- Number of sellers: More sellers mean more supply.
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for attractive cable television service repair people.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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MP
Marginal Product
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