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AFL: The abbreviation for the American Federation of Labor, which started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.
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SECOND RULE OF SUBJECTIVITY: The second of seven basic rules of the economy. It is the notion that market prices are ultimately determined by subjective values and preferences of buyers and resource owners. While regular, everyday consumers are prone to accept the prices "set" by retail stores and other sellers as etched in stone (perhaps along with the Biblical ten commandments), such is not the case. The price of a product depends on two things, demand (especially the demand price that buyers are willing to pay) and supply (especially the supply price that sellers are willing to accept). Both, I repeat both, are subjectively determined. By subjective, I mean they are based on the values, beliefs, tastes, and preferences of people. See also | seven rules | economy | market | satisfaction | demand | demand price | supply | supply price | utility | value | price | normative economics | preferences |
Recommended Citation:SECOND RULE OF SUBJECTIVITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: August 19, 2019].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: second rule of subjectivity
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M1 The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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NPV
Net Present Value
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