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COMPENSATING WAGES: Different wages paid in different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower labor market wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.
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Lesson 12: Business Cycles | Unit 5: Policies
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Page: 26 of 26
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- How stabilization policies can limit or prevent the unemployment and inflation problems caused by business cycle instability.
- The two main types of stabilization problems, fiscal policy and monetary policy.
- How expansionary fiscal policy counters contractions with more spending and lower taxes.
- How expansionary monetary policy counters contractions with more money.
- How contractionary fiscal policy counters expansions with less spending and higher taxes.
- How contractionary monetary policy counters expansions with less money.
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CARTEL A formal agreement between businesses in the same industry, usually on an international scale, to gain market control, raise the market price, and otherwise act like a monopoly. The most famous international cartel is the Organization of Petroleum Exporting Countries (OPEC), which seeks to exert control over the world oil market. Other cartels have existed, or still exist, in the global markets for uranium, diamonds, long distance telephone services, and airlines.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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SAFEX
South African Futures Exchange
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