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January 21, 2019 

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GENERAL STRIKE: A strike by a majority of the workers in key industries throughout a country in a particular region of the country. This type of strike is different in both magnitude and intent than that of a strike against a specific firm or industry. In particular, a general strike involves virtually every union regardless of industry or occupation. In addition, the intent of a general strike is to bring the economy to a standstill as a means of forcing major structural changes in the economy or society. Such a strike has been effectively used from time to time, but because it does shut down the economy and imposes hardships on almost everyone.

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SPECIFIC TARIFF: A tax on imports that is specified as a money amount that is levied per unit of imports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas, which increase prices and thus revenue received by domestic producers, an ad valorem tariff generates revenue for the government. For example: a specific tariff of $5 for every TV imported.

     See also | tariff | ad valorem tariff | trade barrier | import | export | free trade |


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COST-PUSH INFLATION

Inflation of the economy's average price induced by decreases in aggregate supply that result from increases in production cost. This type of inflation occurs when the cost of using any of the four factors of production (labor, capital, land, or entrepreneurship) increases such that aggregate supply cannot satisfy aggregate demand. The alternative type of inflation is demand-pull inflation.

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Today, you are likely to spend a great deal of time watching infomercials looking to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for telephone calls from former employers.
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