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FIRST RULE OF SCARCITY: The first of seven basic rules of the economy. It is the fundamental fact of economic life that he world is faced with limited resources but unlimited wants and needs satisfied from these resources.
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IMPERFECT COMPETITION Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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An Altogether Look at UNIONSHey, look! Is that who I think it is? Yes of course, that's Dan Dreiling the drywall guy. You might recall that Dan repaired a hole in my living room wall back in Fact 7. He's coming out of the Mona Mallard Duct Tape Industries plant with all of the duct tape factory workers. And he seems most distressed. Let's get to the bottom of this. Here's his story. The drywall business sort of dried up, and Dan has taken up employment in the exciting field of duct tape fabrication. The duct tape workers, though, are talking union. Dan's indecisive about this move toward unionization. Perhaps we can help him out. Let's stroll around the often controversial topic of labor unions.
Tell me more...
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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