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LABOR-LEISURE TRADEOFF: The perpetual tradeoff faced by human beings between the amount of time spent engaged in wage-paying productive work and satisfaction-generating leisure activities. The key to this tradeoff is a comparison between the wage received from working and the amount of satisfaction generated from leisure. Such a comparison generally means that a higher wage entices people to spend more time working, which entails a positively sloped labor supply curve. However, the backward-bending labor supply curve results when a higher wage actually entices people to work less and to "consume" more leisure time.

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Lesson 18: Monopoly | Unit 1: Intro Page: 1 of 30

Topic: Definition <=PAGE BACK | PAGE NEXT=>

  • A definition of monopoly.

  • Monopoly is a market structure characterized by a single firm, a unique good with no close substitutes, and strict limits on entry and exit.
  • There is ONE firm in the market, and that single firm sells ALL output.

  • The word monopoly literally means one seller -- "mono" meaning "one" and "poly" meaning "to sell."


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SAVINGS AND LOAN ASSOCIATIONS

Depository financial institutions that were originally established to assist home owners with low-cost mortgage loans using savings deposits. Savings and loan associations (S&Ls) offer checkable deposits that are part of the M1 monetary aggregate. While S&Ls are not "officially" chartered as banks, similar to other thrift institutions (credit unions and mutual savings banks) they do function comparable to any traditional bank, offering a wide range of deposits, loans, and other financial services.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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Pacific Stock Exchange (US, LA and San Francisco)
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