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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.

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Lesson Contents
Unit 1: Getting Started
  • Overview
  • Assumptions
  • Limitations
  • Unit 1 Summary
  • Unit 2: The Schedule
  • Set Up
  • Opportunity Cost
  • Changing Cost
  • Unit 2 Summary
  • Unit 3: The Curve
  • Plot
  • Connecting Points
  • Slope and Cost
  • Shape
  • Unit 3 Summary
  • Unit 4: Analysis
  • Full Employment
  • Unemployment
  • Growth
  • Resource Quantity and Quality
  • Unit 4 Summary
  • Unit 5: Investment
  • Overview
  • Bundle Choices: A
  • Bundle Choices: E
  • Bundle Choices: I
  • Scarcity
  • Unit 5 Summary
  • Course Home
    Production Possibilities

    In this lesson we'll take a trip through production possibilities. Production possibilities is a handy little analysis that lets us consider what the economy is capable of doing, production-wise. We'll see how a production possibilities curve, the cornerstone of this analysis, is derived and how it can be used to understand several important concepts, including opportunity cost, unemployment, investment, and economic growth.

    • The first unit, Getting Started, begins this lesson by laying the foundations for production possibilities analysis, especially assumptions and limitations.
    • We turn out attention in the second unit, The Schedule, to the production possibilities schedule, a simple table that gives us a first shot on this analysis.
    • The production possibilities curve is then derived from the production possibilities schedule in the third unit, The Curve, with particular emphasis on the importance of opportunity cost
    • In the fourth unit, Analysis, we make use of the production possibilities analysis for an understanding of three important concepts: full employment, unemployment, and economic growth.
    • And lastly, the fifth unit, Investment, uses production possibilities to analyze investment in capital goods as a means of achieving economic growth.

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    OLIGOPOLY, CONCENTRATION

    Oligopoly is a market structure that contains a small number of relatively large firms, meaning oligopoly markets tend to be concentrated. A small number of large firms account for a majority of total output. Concentration unto itself is not necessarily bad, but it often leads to inefficient behavior, such as collusion and nonprice competition. Concentration is measured in three ways--market share, concentration ratio, Herfindahl index.

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    GRAY SKITTERY
    [What's This?]

    Today, you are likely to spend a great deal of time at an auction hoping to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for small children selling products door-to-door.
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    This isn't me! What am I?

    It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
    "Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. "

    -- Joe Paterno, Football coach

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