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SOLIDARITY: The rallying cry for organized labor and the labor union movement that has attempted to cut across industries and occupations, based on an "us versus them" view of the labor market. The "us" are the workers and the "them" are the employers. This solidarity notion presumes that when one worker wins a battle against an employer then all workers win.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 8 of 25

Topic: Labor: Satisfaction And Leisure <=PAGE BACK | PAGE NEXT=>

  • The perpetual trade-off faced by the providers of labor services -- work versus leisure -- results because the person can not be separated from the productive resource.

  • A couple of important implications for the factor supply of labor.

    • Compensating Wages: First, wages tend to be higher or lower depending on the amount of satisfaction associated with the job.

    • Backward-Bending Supply: Second, satisfaction is affected by both working and not working (that is, leisure).


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CONSUMER ADVISORY COUNCIL

A support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors on matters dealing with consumer credit. The Federal Advisory Council (FAC) is comprised of 30 members, representing a broad spectrum of consumer related interests. The CAC is one of three Federal Reserve Board advisory committees. The other two are Federal Advisory Council and Thrift Institutions Advisory Council.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"The only place success comes before work is in the dictionary. "

-- Vince Lombardi

IIA
Irrelevance of Independent Alternatives
A PEDestrian's Guide
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