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LABOR UNION: An organization of workers or employees who act jointly to negotiate with their employers over wages, fringe benefits, working conditions, and other facets of employment. The main function of unions is to provide a balance for the market control exerted over labor by big business.
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Lesson 17: Market Structures | Unit 3: Getting Control
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Page: 16 of 23
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In this unit, you should have learned about:- Profit maximization as the motivating goal for all firms regardless of market structure.
- How entry barriers lead to market control.
- The five primary entry barriers that enhance market control -- start-up cost, resource ownership, decreasing average cost, government authorization, and trade restrictions.
- How product differentiation leads to market control.
- The three methods of enhancing market control through product differentiation -- physical differences, perceived differences, and support services.
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AUTONOMOUS INVESTMENT Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from long-lost relatives.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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AMEX
American Stock Exchange
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