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COMMONWEALTH VERSUS HUNT: A notable court case, decided by the Massachusetts Supreme Court in 1842, that declared labor unions were not illegal, which had been the existing interpretation of the law up to that time. This court case paved the way for the U.S. labor union movement, which continued in force for the next 100 years. While this case established the legality of a labor union, union activities (such as strikes) were not necessarily legal. This was much like making it legal to own a gun, but not legal to shot someone.
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Lesson 14: Aggregate Supply | Unit 2: Two Options
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Page: 7 of 20
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- The differences between the long run and the short run aggregate supply, in terms of price flexibility and full employment.
- How the long run is achieved when all prices are flexible, giving us full employment and equilibria in the product, financial, and resource markets.
- How aggregate supply reacts in the long run to more or less demand for aggregate production to maintain full employment at alternative price levels.
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INFLEXIBLE PRICES The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible prices (also termed rigid prices or sticky prices) are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling between the two.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for deranged pelicans.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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SET
Securities Exchange of Thailand
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