|
OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION: An agency of the U. S. Department of Labor, established in 1970, that's charged with regulating workplace safety and job-related worker health. It has the authority to imposed health and safety rules and, much to the displeasure of businesses, inspect workplaces to ensure that the rules are followed. Some (second estate) critics argue of their rules are unneeded, overzealous, and counter-productive. Other (third estate) critics say that their rules are neither stringent enough nor adequately enforced.
Visit the GLOSS*arama
|
|
|
|
Lesson 11: Circular Flow | Unit 1: Basic Flow
|
Page: 5 of 22
|
Topic:
The Payment Flow
|
|
|
The payment flow goes in the opposite direction of the physical flow. A physical commodity goes one direction through markets and payment goes the other.- The household sector buys production from the business sector (counter-clockwise flow) in exchange for payment (clockwise flow) through product markets.
- The business sector buys resources from the household sector (counter-clockwise flow) in exchange for payment (clockwise flow) through factor markets.
- Revenue received by the business sector for selling goods is used to pay the factors of production.
- Factor payments become income used by household sector to buy production from the business sector.
- The circular flow makes about six cycles around the economy each year.
|
|
|
|
|
|
SELF CORRECTION, RECESSIONARY GAP The automatic process in which the aggregate market eliminates a recessionary gap created by a short-run equilibrium that is less than full employment through decreases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close an inflationary gap with higher wages (and other resource prices).
Complete Entry | Visit the WEB*pedia |
|
|
ORANGE REBELOON [What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for gnomes hiding in cypress trees. Your Complete Scope
This isn't me! What am I?
|
|
The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
|
|
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. " -- John Quincy Adams, 6th US president
|
|
NLREG Nonlinear Statistical Regression
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|