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AMERICAN FEDERATION OF LABOR: Started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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Lesson 6: Supply | Unit 4: Determinants Page: 12 of 19

Topic: Ceteris Paribus Factors <=PAGE BACK | PAGE NEXT=>

Ceteris paribus is the notion that other things remain constant. We make this assumption because things other than price affect supply.
  • These other, ceteris paribus factors, give us useful analytical tools for examining supply and the market.
  • We can turn these factors off and on to better understand how the market works.
  • The ceteris paribus factors are called determinants of supply.
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INEFFICIENT

The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.

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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for infected paper cuts.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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