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LABOR UNION MOVEMENT: Activities on the part of workers in the United States, beginning in the mid-1800s and extending into the mid-1900s, to establish labor unions and otherwise promote the interests of workers. This movement, which coincided with the onset of the U.S. industrial revolution, was launched with the Commonwealth versus Hunt court decision in 1842 which made it legal to join a labor union. The labor union movement had a turbulent and violent history as organized labor sought to gain greater control over labor market activities. The movement reached its peak in the 1950s, with just under 30% of the labor force belonging to labor unions.

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4-FIRM CONCENTRATION RATIO: The proportion of total output in an industry that's produced by the four largest firms in the industry. This is one of two common concentration ratios. The other is the eight-firm concentration ratio. The four-firm concentration ratio is commonly used to indicate the degree to which an industry is oligopolistic and how market control is held by the four largest firms in the industry.

     See also | concentration ratio | 8-firm concentration ratio | market share | market control | oligopoly | monopolistic competition |


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BANK BALANCE SHEET

A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Try not to become a man of success, but rather try to become a man of value. "

-- Albert Einstein

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