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AFL-CIO: The umbrella organization for many labor unions in the United States, with AFL standing for American Federation of Labor, and CIO the abbreviation of Congress of Industrial Organizations. The AFL-CIO began as just the AFL in 1886 as a collection of craft unions representing skilled workers. It expanded to include semiskilled and unskilled workers represented by industrial unions. Differing interests among the two groups lead to a division of the original AFL in 1938 into two separate groups -- the AFL containing craft unions and CIO containing industrial unions. This rift was closed in 1955, when the AFL and CIO merged to form the AFL-CIO.
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Lesson 7: Market | Unit 1: The Exchange
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Page: 4 of 22
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Competition depends on the number of buyers and sellers.- More buyers creates more competition to acquire a good. Sellers don't have to sell a good below the going price with a lot of buyers willing and able to pay the market price.
Competition prevents buyers from forcing the price down to it's lowest level.- More sellers creates more competition to offer a good for sale. Buyers don't have to buy a good above the going price with a lot of sellers willing and able to sell at the market price.
Competition prevents sellers from forcing the price up to it's highest level.
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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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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for pencil sharpeners with an attitude.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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AS
Aggregate Supply
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