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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 16 of 24

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

Bundles outside the curve can be achieved through economic growth.

Economic growth is the process of increasing the economy's ability to produce goods and expand the production possibilities curve.

  • Bundle M cannot be reached with existing resources and technology and the current production possibilities frontier.
  • The production possibilities frontier only represents a current boundary.
  • Expanding resources and technology gives us economic growth. Specifically, we can increase the quantity or quality of resources.

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LIMITED LIABILITY

A condition in which owners of a business are not personally held responsible for the debts created by the business. Corporations are the most noted types of business organizations in which owners have limited liability. Limited liability makes it possible for a business to accumulate large sums of money and thus to take advantage of large scale production. The alternative to limited liability is unlimited liability, a characteristic of proprietorships and partnerships.

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