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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.
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Lesson 8: Market Shocks | Unit 3: Single Shifts
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Page: 12 of 20
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- The four basic changes in the market caused by increases or decrease in demand or supply.
- The six steps sequence to analyze any market shock: (1) a determinant changes, (2) a curve to shifts, (3) a shortage or a surplus occurs, (4) the price changes, (5) the quantities demanded and supplied change, and (6) the market imbalance is eliminated and equilibrium is restored.
- That an increase in demand causes an increase quantity and an increase in price.
- That a decrease in demand causes a decrease quantity and a decrease in price.
- That an increase in supply causes an increase quantity and a decrease in price.
- That a decrease in supply causes a decrease quantity and an increase in price.
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MARKET CLEARING A condition of the market in which the quantity demanded is equal to the quantity supplied, such that the market is "clear" of any shortage or surplus. Market clearing is a common, non-technical term for equilibrium. In a market graph, the market clearing is found at the intersection of the demand curve and the supply curve.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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AV
Actual Value
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