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NATIONAL LABOR RELATIONS BOARD: A government body overseeing relations between unions and management -- the workers and their employers. It was established by the National Labor Relations Act in 1935, but was modified by the Labor-Management Relations Act in 1947. The National Labor Relations Board is the place to go should either unions or management suspect the other side is engaging in unfair labor practices.

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DEMAND: The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is one half of the market exchange process; the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem. People desire the goods and services that satisfy our wants and needs. This is the ultimate source of demand.

     See also | price | demand price | quantity demanded | market | exchange | supply | unlimited wants and needs | scarcity | satisfaction | income | demand curve | demand shock | demand determinants | demand space |


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DEMAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 15, 2018].


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AVERAGE REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between average revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit revenue at each level of the variable input. The average revenue product curve is one of two related curves often used in the analysis of factor demand. The other, and more important, is marginal revenue product curve.

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