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OPEN SHOP: An employment arrangement in which workers of a firm are free to join or not join a union because employment is unrelated to union membership. Because an open shop tends to limit the proportion of a firm's employees represented, this can significantly dilute a labor union's market control. Open shops are established in states that have right-to-work laws.
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Lesson 1: Economic Basics | Unit 2: Doing Economics
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Page: 5 of 18
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The two biggest, broadest fields in economics are:- Macroeconomics is the study of the aggregate economy, the entire pie, the whole forest. Macroeconomics is interested in things like gross production, unemployment, inflation, and recession.
- Microeconomics is the study of parts of the economy, the slices of the pie, the trees of the forest. Microeconomics is interested in topics like market prices, consumer behavior, production costs, and competition.
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OLIGOPOLY, REALISM Real world markets are heavily populated by oligopoly. About half of all output produced in the U.S. economy each year is done so by oligopoly firms. Other industrialized nations can make a similar claim. Oligopoly markets arise in a wide assortment different industries, ranging from manufacturing to retail trade to resource extraction to financial services.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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NYFE
New York Futures Exchange
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