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 TRADE UNION: A labor union composed of workers in the same occupation, but not necessarily in the same industry, producing the same product, or employed by the same firm. Common examples of craft unions are for plumbers, carpenters, and musicians. Craft unions generally exert market control by limiting the number of suppliers. The American Federation of Labor (AFL) began as a collection of craft unions. This is also termed a craft union.
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 Lesson 8: Market Shocks | Unit 1: Adjustments Page: 1 of 20

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In this lesson we use the market as a tool to understand our economic world, specifically, we see how markets move from one equilibrium to another.

One goal of this lesson:

• Use the market model to examine the why and how of market shocks, adjustments to a new equilibrium.
Why do we do this?
• Markets in the real world do not remain at the same equilibrium forever. Markets move. Prices and quantities change.
• To understand real world changes, we need to analyze what happens to the market when a shock disrupt it.

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AVERAGE FACTOR COST, MONOPSONY

Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

 ORANGE REBELOON[What's This?] Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for defective microphones.Your Complete Scope
 One of the largest markets for gold in the United States is the manufacturing of class rings.
 "When you play, play hard; when you work, don't play at all. "-- Theodore Roosevelt, 26th US president
 ARMAAutoregressive Moving Average
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