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OUTLAW STRIKE: An unofficial and usually spontaneous strike or work stoppage by union members. A wildcat strike is not authorized by the labor union representing the workers. Such strikes generally occur because (1) labor has specific problems or concerns that have not been satisfactorily addressed by employers or (2) workers feel that union leaders are not acting in the best interest of the union members. This is also termed an wildcat strike.
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Lesson 11: Circular Flow | Unit 1: Basic Flow
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Page: 4 of 22
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Topic:
The Physical Flow
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Two sectors: household and business. Two markets: product and factor. - The physical flow is the counter-clockwise flow of resources from the household to business sector and production from the business to household sector.
- Production flows from the business sector (supply) to the household sector (demand) through the product markets.
- Resources flow from the household sector (demand) to the business (supply) sector through the factor markets.
- The household sector sells the resources through the factor markets and buy goods through the product markets.
- The business sector buys resources through the factor markets and sells goods through the product markets.
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MARGINAL REVENUE PRODUCT The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Just as iron rusts from disuse, even so does inaction spoil the intellect. " -- Leonardo da Vinci, architect, artist
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SEC
Securities and Exchange Commision
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