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FEATHERBEDDING: A labor union practice of artificially increasing the number of workers employed even though the specific job or task can be completed with fewer workers. This can be done mandating that specific jobs be performed only by workers with specific skill levels or be mandating that a certain number of workers are needed to perform a job or task. By increasing the demand for workers, featherbedding also keeps wages higher.

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Lesson 13: The Firm | Unit 1: Introduction Page: 5 of 24

Topic: The Industry <=PAGE BACK | PAGE NEXT=>

  • The relation between a firm and an industry.

  • An industry is one or more business firms that produce similar products.
  • In many cases the term industry can be used interchangeably with the term market.


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PAPER ECONOMY

Markets, exchanges, and other assorted economic activities that deal with legal or paper claims on physical assets rather than the physical assets. The vast majority of activities for the paper economy take place through financial markets. The paper economy complements production and consumption activities of the real economy that involve product markets and resource markets.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials wanting to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"Plans are only good intentions unless they immediately degenerate into hard work."

-- Peter Drucker, management consultant

FRS
Federal Reserve System
A PEDestrian's Guide
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