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FEATHERBEDDING: A labor union practice of artificially increasing the number of workers employed even though the specific job or task can be completed with fewer workers. This can be done mandating that specific jobs be performed only by workers with specific skill levels or be mandating that a certain number of workers are needed to perform a job or task. By increasing the demand for workers, featherbedding also keeps wages higher.
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Lesson 4: Production Possibilities | Unit 5: Investment
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Page: 24 of 24
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- Investment as the fundamental process of giving up current consumption to achieve greater productivity in the future.
- How the tradeoff between consumption and capital is illustrated by a movement along the production possibilities curve.
- How the sacrifice of more current consumption to produce more capital leads to a greater outward shift in the production possibilities curve.
- The importance of economic growth resulting from investment in addressing the fundamental problem of scarcity.
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OLIGOPSONY A market characterized by a small number of large buyers controlling the buying-side of a market. Oligopsony is the buying-side equivalent of a selling-side oligopoly. Much as a oligopoly is a market dominated by a few large sellers, oligopsony is a market dominated by a few large buyers. While oligopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a handful of firms control the buying of a factor. Two related buying side market structures are monopsony and monopsonistic competition.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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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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"Cherish your visions and your dreams as they are the children of your soul; the blue prints of your ultimate achievements." -- Napoleon Hill, Author
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WACM
Weak Axiom of Cost Minimization
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