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AFL: The abbreviation for the American Federation of Labor, which 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 17: Market Structures | Unit 2: Four Types Page: 9 of 23

Topic: Monopolistic Competition <=PAGE BACK | PAGE NEXT=>

  • The monopolistic competition definition:

  • Monopolistic competition is a market structure characterized by a large number of relatively small firms, each producing similar but not identical products, with ease of entry and exit, and relatively complete knowledge of prices and technology.
  • Monopolistic competition is, in one sense, a cross between monopoly and perfect competition.

  • Monopolistic competition is in another sense the real world's best attempt to achieve perfect competition.

  • The inefficiency of monopolistic competition is so minimal that government intervention seldom occurs.


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LABOR

The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.

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APLS

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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

EER
European Economic Review
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