Google
Saturday 
September 22, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
OPEC: The common abbreviation for the Organization of Petroleum Exporting Countries, which is an international organization of more than a dozen nations located primarily in the Middle East, Africa, and Central America that controls a sizeable portion of the world's petroleum reserves. This control over oil reserves gives OPEC significant market control, which it has been inclined to exert from time to time. The most noted time was the 1970s. OPEC raised oil prices from a scant $2 to $3 a barrel in the early 1970s to over $30 a barrel by the end of the decade. As an group of independent oil-producing nations seeking to monopolize the market, OPEC represents a textbook example of an cartel.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

CLOSED SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is allowed to hire only labor union members. Because this gives a labor union complete control over the labor services supplied to a particular firm, it was one of the earliest methods used by labor unions to monopolized a labor market. However, closed shops were outlawed by the Taft-Hartley Act passed in 1947 and has been largely supplanted by union shops.

     See also | labor union | union shop | open shop | right to work | collective bargaining | supply to a firm | Taft-Hartley Act | factor market | monopoly | market control | yellow-dog contract |


Recommended Citation:

CLOSED SHOP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: September 22, 2018].


Search Again?

Back to the GLOSS*arama

MARGINAL REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.

Complete Entry | Visit the WEB*pedia


APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope

This isn't me! What am I?

The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Always remember that striving and struggle precede success, even in the dictionary. "

-- Sarah Ban Breathnach, writer

APEC
Asia-Pacific Economic Co-operation
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster